Wedbush Securities, the firm behind Wall Street's most bullish Tesla analysis, has just handed SpaceX its first official stock rating since the company went public weeks ago. Analyst Dan Ives assigned a $190 price target and an "Outperform" rating, signaling confidence in Elon Musk's rocket company as it transitions from private venture to publicly traded asset.

What Makes SpaceX Stand Out to Wall Street Right Now?

Ives framed SpaceX as "one of the most differentiated assets within the tech market," pointing to three core business pillars that justify the bullish outlook. The firm's $190 price target implies an enterprise value of roughly $2.48 trillion, a valuation that reflects confidence in the company's trajectory across multiple revenue streams.

Wedbush identified several competitive advantages that set SpaceX apart from traditional aerospace and telecommunications players. The analysis highlights how SpaceX's business model spans connectivity, launch services, and emerging artificial intelligence infrastructure, creating a diversified revenue base that reduces dependence on any single market.

• Starlink Profitability: Wedbush views Starlink as the primary profit engine, driven by a recurring revenue model with approximately 12 million subscribers as of early June 2026. The analyst noted that Starlink holds less than 1 percent of the global telecommunications and broadband market, suggesting significant room for expansion.
• Starship Cost Efficiency: The reusable rocket platform reduces hardware launch costs while creating a feedback loop that improves flight rates without proportional increases in capital spending. This cost advantage is described as "essential" to SpaceX's long-term success.
• AI and Compute Infrastructure: SpaceX's emerging projects in orbital data centers and enterprise AI monetization represent early-stage opportunities that could drive meaningful upside, though Wedbush cautioned these face "major hurdles" and were not factored into the base valuation.

"We view SpaceX as one of the most differentiated assets within the tech market with a strong footprint across its three core markets, with Starlink driving success with connectivity," stated Dan Ives. "Starship launches leading to a demand flywheel and increasing deal flow for its Colossus clusters."

Dan Ives, Analyst at Wedbush Securities

How to Evaluate SpaceX's Growth Potential as an Investor?

For those tracking SpaceX's post-IPO performance, several metrics and strategic developments warrant close attention. Understanding the company's competitive positioning requires looking beyond the headline valuation to examine the underlying business drivers and market opportunities.

• Subscriber Growth Trajectory: Monitor Starlink's quarterly subscriber additions and average revenue per user. With fewer than 12 million subscribers penetrating a market worth hundreds of billions annually, the growth runway remains substantial if the company can maintain service quality and expand into underserved regions.
• Starship Launch Cadence: Track the frequency and success rate of Starship launches, as these directly impact the cost per kilogram to orbit. Achieving sub-$200 per kilogram unit economics would represent a major milestone that Wedbush identified as potential upside not yet reflected in the $190 price target.
• AI Infrastructure Monetization: Watch for announcements regarding Colossus clusters and orbital compute nodes. These projects remain nascent but could unlock entirely new revenue streams if SpaceX successfully positions itself as a provider of distributed computing infrastructure.

What Caveats Did Wedbush Include in Its Analysis?

Despite the bullish stance, Wedbush acknowledged significant uncertainties that could affect SpaceX's ability to achieve the upside scenarios embedded in its valuation. The analyst explicitly noted that optional value from Starship's sub-$200 per kilogram economics, orbital data centers, and enterprise AI monetization were excluded from the base case because "these factors could drive meaningful upside but these face major hurdles".

Wedbush

At the time of publication, SpaceX shares were trading around $167, roughly 12 percent below Wedbush's $190 target. This gap suggests the market is pricing in either skepticism about the company's ability to execute on its growth plans or uncertainty about the timeline for profitability expansion. The analyst's decision to initiate coverage with an "Outperform" rating indicates confidence that the gap will narrow as SpaceX demonstrates execution on its core business drivers, particularly Starlink subscriber growth and Starship launch reliability.

Wedbush's coverage marks a significant moment for SpaceX as a public company. With Tesla's biggest Wall Street bull now formally analyzing the rocket company, investor attention is likely to intensify around quarterly results and operational milestones that could validate or challenge the $190 price target.