JPMorgan Triples SpaceX Price Target to $500 Post-Earnings

JPMorgan has more than doubled its price target for SpaceX to $500, joining a wave of major financial institutions that lifted their outlook on the company following its third-quarter earnings report. The aerospace and technology firm posted revenue of $14.6 billion for the quarter ended October 20, a 161 percent jump from the same period last year. This figure easily surpassed analyst expectations of approximately $12.7 billion.

The company reported a net profit of $4.4 billion, reversing a loss from the prior year, while adjusted EBITDA reached $8.8. billion. A significant portion of this revenue came from its Super Intelligence division, which generated roughly $7.6 billion. This segment has become the largest contributor to the company's top line, growing nearly 830 percent year-over-year. Meanwhile, the Connectivity segment brought in $5.2 billion, driven by subscriber growth that pushed the Starlink user base to 13.6 million.

The reaction from Wall Street was swift and widespread. Following the earnings call on October 20, several firms announced significantly higher price targets. JPMorgan's move to $500 from $240 was the most aggressive, while Cantor Fitzgerald raised its target to $345 from $246. Barclays set a new target of $300, up from $254, and Morgan Stanley maintained its $300 target. Other adjustments included increases from Citi, UBS, TD Cowen, Wells Fargo, and Clear Street.

Much of the optimism stems from forward-looking statements made by CEO Elon Musk and CFO Bret Johnsen during the call. Management projected first-quarter 2027 revenue guidance of $33 billion to $37 billion, a figure far above the roughly $22 billion analysts had modeled. The company also outlined plans for capital expenditures between $35 billion and $40 billion in the fourth quarter, focused on expanding AI compute infrastructure.

Analysts cited these growth drivers, along with Starlink progress and recent Starship milestones, as reasons for their increased confidence. Shares, which closed at $147.79 on October 20, rose roughly 8 percent in early premarket trading on October 21 as investors responded to the results and the new analyst targets. While spending remains high, the overall sentiment reflects greater conviction in the company’s long-term trajectory across launch, connectivity, and artificial intelligence.