SpaceX: I Was A Bear, But Now I See Clear Upside

Passage Research 6.15K Followers Follow Summary SpaceX is rated Strong Buy with a $220 price target, implying 47% upside driven by robust AI growth. SPCX operates three segments: Connectivity (55% of revenue), AI (33%), and Space (12%), each in aggressive ramp mode. AI, especially post-xAI acquisition, is the primary long-term growth driver, projected to reach a ~$330B top line by decade’s end. Valuation is demanding (82.3x EV/EBITDA), but DCF supports upside; risks include capital intensity, competition, and secondary offerings. Sven Piper/iStock Editorial via Getty Images SpaceX ( SPCX ) has been on a wild ride. As quite the unique offering, this stock is down 7% since having gone public back in early June. The company's technology is second to none and with an This article was written by Passage Research 6.15K Followers Follow Passage Research focuses on identifying variant perception through a blend of fundamental analysis and alternative data. The research process combines detailed financial modeling with real-time datasets to underwrite earnings power, margin durability, and forward expectations.The author has spent over a decade on Wall Street, most recently spending the last five years working in the hedge fund industry as an analyst. Typical coverage spans consumer, TMT, industrials and special situations, with an emphasis on asymmetric risk/reward and catalyst-driven opportunities. Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in SPCX over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.