Raymond James analyst Brian Gesuale has set a new Street-high price target on SpaceX (SPCX) shares at $800 with a “Strong Buy” rating, representing a staggering 430% potential upside from current levels.
Should SPCX reach that target, the company’s market cap would balloon to roughly $10.5 trillion, making it larger than any publicly traded company currently in existence.
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Gesuale frames SPCX as the defining industrial infrastructure company of the 21st century, comparing its potential to that of railroads, electric grids, and the internet in reshaping entire economic eras.
That said, SpaceX stock is currently down more than 10% versus its year-to-date high.
www.barchart.comWhy Raymond James Is Uber Bullish on SpaceX Stock
Raymond James’ price objective rests on extraordinarily aggressive revenue assumptions.
These include SpaceX launching data centers into space and selling mass orbital computing power, and Starship scaling up to reduce the cost of moving mass into orbit by more than 99%, completely commoditizing space transport.
All in all, Gesuale models SpaceX surpassing $5 trillion in annual sales within the next 10 years.
Caution Is Warranted in Playing SPCX Shares
Despite the bullish coverage, SPCX stock has so far moved in the opposite direction as the Nasdaq-100 ($IUXX) inclusion, which was expected to generate roughly $4.3 billion in passive inflows from index-tracking funds, failed to provide a sustained bid.
Several structural factors also complicate the near-term outlook. SpaceX’s public float remains about 5% of total shares outstanding, creating outsized volatility in both directions.
Short sellers reportedly hold a third of all tradable shares, and the first major insider sell window opens after Q2 earnings next month — when 20% of early-release-eligible shares become available for trading.
Prediction markets assign only a 20% probability that SPCX will close above $210 by month-end, placing real money far below the median analyst target.
How Wall Street Recommends Playing SpaceX
In total, 29 Wall Street firms have initiated coverage on SpaceX shares so far, with the consensus rating set at “Strong Buy” tied to a mean price target of about $202.
The fundamental case for SPCX centers on vertical integration across launch, satellite connectivity, and AI infrastructure at a scale never previously attempted.
SpaceX generated $19 billion in revenue last year while posting a net loss of roughly $5 billion, leaving it trading at a price-to-sales (P/S) ratio above 100x.
And Morgan Stanley estimates it will require as much as $84 billion in annual external funding between 2027 and 2034 before achieving positive free cash flow.
All in all, what comes next for SpaceX will likely hinge on concrete catalysts — upcoming Starship test flights, the first quarterly earnings report as a public firm and progress on orbital AI compute — rather than analyst enthusiasm, as the market appears to be demanding proof of execution before rewarding the stock’s extraordinary long-term narrative.
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On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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