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SpaceX AI, Starlink Growth Seen Driving Further Gains, Oppenheimer Says

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SpaceX (SPCX) delivered an across-the-board Q2 beat as accelerating artificial intelligence and Starlink revenue should support further growth, Oppenheimer said in a Wednesday note.

The company reported a Q2 loss late Tuesday of $0.09 per diluted share, narrowing from a loss of $0.34 a year earlier, as revenue rose to $7.81 billion from $4.07 billion. AI drove the period's upside, with a 247% revenue growth to $2.60 billion, while new data center lease deals boosted adjusted EBITDA, the brokerage said.

SpaceX did not provide formal guidance but Oppenheimer said its $47.5 billion backlog and contracted cloud sales provide revenue visibility. The brokerage added that Starlink V3 entering service and new data center leasing deals should drive strong revenue growth.

The firm now expects SpaceX to reach $1 trillion in revenue by 2032, earlier than its previous forecast of 2035. CEO Elon Musk has said the company aims to reach that milestone by 2030.

Oppenheimer has an outperform rating and a $250 price target on the company's stock.

Shares of SpaceX were down 8.4% in Wednesday trading.

Price: $114.81, Change: $-10.52, Percent Change: -8.39%

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