Evercore Initiates SpaceX Coverage With $230 Price Target

Evercore ISI launched coverage on SpaceX (NASDAQ: SPCX) with an Outperform rating and a $230 price target. The call arrives as newly public shares cool, having dropped 13.27% over the past week and 13.55% over the past month. For investors navigating the post-IPO volatility, this establishes a formal institutional valuation framework.

The thesis rests on exceptional growth assumptions. Evercore models revenue compounding at 106% and EBITDA at 157% through 2028. The bank argues that rather than decelerating, this expansion "can accelerate rather than fade as the decade wears on." These projections are necessary to justify a $230 valuation on a company of this scale.

Evercore frames the business as "an extraordinary company on a real path to reshaping the future of humanity." However, the bank balances this optimism with a clear caveat, conceding there is "a great deal left to prove out." Analysts noted that the feasibility of SpaceX's ambitions and projected timelines remains open to debate.

The execution risks are tangible and tied directly to SpaceX's three main operational pillars. While the $230 target raises the bull case ceiling, investors must weigh it against the challenges of scaling Starlink, maintaining a rapid launch cadence, and integrating xAI. SpaceX acquired xAI in early 2026, formally establishing artificial intelligence as a core business vertical alongside its traditional space operations.

The company's current operational scale is immense. Founded in 2002, SpaceX operates the Falcon and Starship launch systems and has launched more than 80% of the world's mass to orbit since 2023. Its Starlink network consists of approximately 9,600 satellites in Low-Earth Orbit, serving customers across 164 countries and territories. Whether SpaceX can convert this operational dominance into the aggressive EBITDA growth projected by Evercore will dictate if the stock can reach its new target.