NEW YORK — Wall Street is nudging its price targets on SpaceX higher, as newly disclosed financing for the company's artificial-intelligence buildout sharpens the bull case for one of the market's most closely watched names. Analysts at Deutsche Bank and Bernstein both raised their SpaceX — NASDAQ: SPCX — targets this week, citing a clearer path to the massive compute capacity Elon Musk's empire is assembling.
Deutsche Bank lifted its $SPCX target to $250 from $230 with a buy rating, pointing to an estimated 10 gigawatts of new compute capacity by the end of 2027 at roughly $35 billion per gigawatt. Bernstein raised its own target to $268 from $248. The upgrades land as investors reassess how to value a company that now spans launch, satellite internet and frontier AI under one roof.
The Financing Behind the Compute
What changed is visibility into how SpaceX will pay for all those chips. The company has struck a binding master lease of roughly $40 billion with an Apollo-managed entity to secure Nvidia's next-generation Vera Rubin processors, with deliveries slated to begin in the first half of 2027. That structure lets SpaceX lock in scarce, high-end silicon without carrying the entire cost on its own balance sheet.
Demand signals are stacking up too. In a securities filing dated this week, AI developer Anthropic disclosed commitments of up to $120.5 billion through 2029 tied to SpaceX's AI division, with full capacity expected to come online around December 2026. Contracts of that size help underwrite the buildout and give analysts firmer revenue to model, a theme that has run through recent $SPCX and $NVDA coverage.
Where the Tape Stands
Shares of $SPCX have been firm heading into month-end, trading near recent highs after a run that has tracked optimism about both the AI compute story and the long-discussed combination with Tesla — NASDAQ: TSLA. $TSLA has likewise held its post-earnings gains, with the two stocks increasingly moving in tandem as the merger math comes into sharper focus. Broader market gauges including the $SPY and $QQQ have provided a steady backdrop, while chip bellwether $NVDA remains a key swing factor given its central role in the buildout.
