STOCKS | Oppenheimer Raises SpaceX Target Price on Stronger AI Outlook

Oppenheimer analyst Timothy Horan raised SpaceX's target price from $250 to $280, implying about 85% upside from the stock's roughly $151 trading price. According to Sina Finance, Horan said he is increasingly confident that SpaceX can grow into a true AI giant and lifted his long-term revenue forecast by about 10%. He said the key valuation question is whether investors believe SpaceX can capture the target market outlined in its S-1 filing. The filing estimated total addressable market at $28.5 trillion, with $26.5 trillion, or 92.98%, expected to come from AI businesses. Horan also said SpaceX's AI business is progressing well and that the acquisition of Cursor would be transformative, helping upgrade AI platforms including Grok. He said infrastructure computing power remains the main obstacle to business growth and would require a large increase in capital spending. The average analyst target price for SpaceX is $221.2, while Raymond James has a target of $800. Morningstar analyst Nicholas Owens is bearish on SpaceX and values the stock at just $63 per share. The article also said OpenAI plans to end its model-supply agreement with Cursor on November 12, 2026, after SpaceX acquired Cursor. It added that Anthropic may follow suit, while Anthropic also leases computing resources from SpaceX. SpaceX has also faced setbacks in data center construction. According to the report, the company has moved several executives from its rocket and Starlink businesses to replace some data center team leaders after civil engineering failures and reliability issues at sites in Tennessee and Mississippi. The report said Colossus-1 uses a mixed setup of Nvidia H100, H200, and GB200 chips, and that the supercomputer is currently limited to inference work, with excess computing power rented out to Anthropic.