"Ambitions Greater Than Anyone Else's": JPMorgan Expects SpaceX Shares to Triple in Value

JPMorgan maintained its “Overweight” rating on SpaceX shares and more than doubled its price target—from $240 to $500 per share—for the next 12 months. The decision followed the release of SpaceX’s third-quarter 2026 earnings report, which exceeded market expectations. Analysts’ new target implies a nearly 240% increase in the company’s stock price relative to the closing price on October 20. The bank expects that the development of artificial intelligence will become a long-term growth driver for Elon Musk’s aerospace and AI corporation, according to CNBC.

On October 21, SpaceX shares jumped by more than 12%, but then slowed to an 8% gain.

"SpaceX's ambitions are greater than those of any other company we've seen," CNBC quotes bank analyst Doug Anmuth as saying. According to him, AI will be the long-term driver for Musk’s corporation, and significant growth potential remains, as SpaceX is “literally blazing a trail to new frontiers.”

According to JPMorgan, SpaceX expects to end 2026 with 2–3 GW of computing capacity and could increase that to approximately 13 GW by the end of 2027. This will allow the company to generate more revenue from its AI infrastructure. “We believe that nearly all of the additional 10 GW of capacity that will come online in 2027 will be from Nvidia’s Vera Rubin systems, and those are expected to generate significantly more revenue,” Anmut added.

According to the analyst, the growing popularity of the AI chatbot Grok and the June deal to acquire the AI code editor Cursor for $60 billion will add value to the shares.

JPMorgan's optimistic assessment followed the release of SpaceX's quarterly earnings report. For the three months ended September 30, the company reported adjusted earnings of $0.45 per share on revenue of $14.6 billion. Both figures significantly exceeded analysts’ expectations, according to LSEG data cited by CNBC.

Elon Musk also stated that by the end of 2027, thanks to AI, SpaceX’s annual recurring revenue (ARR) could reach $500 billion to $1 trillion. This is several times higher than Wall Street’s consensus forecast of $110 billion.

Compared to the IPO price, SpaceX shares have risen 18%. JPMorgan’s optimism is in line with the prevailing analyst consensus: 35 of the 47 analysts tracked by MarketWatch recommend buying the company’s stock. Eight analysts advise holding the stock, while four recommend selling. The average Wall Street price target for SpaceX shares is $237 per share, which is about 60% higher than the closing price on October 20.

This article was AI-translated and verified by a human editor