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TD Cowen: SpaceX Poised for Comeback, AI and Space Growth to Drive Gains
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CNBC TV18•30-09-2026, 06:28
TD Cowen: SpaceX Poised for Comeback, AI and Space Growth to Drive Gains
- •TD Cowen recommends buying SpaceX shares, citing growth in AI and space industries as key drivers.
- •Analyst John Blackledge initiated coverage with a buy rating and a $200 price target, implying 37% upside.
- •SpaceX's terrestrial AI compute leasing, with clients like Google and Anthropic, is projected to be its fastest-growing revenue stream, comprising the majority of overall revenue by Q1 2027.
- •SpaceX's gigawatt capacity is expected to grow to 6 gigawatts by the end of 2027 from 2.1 in 2026, with AI compute leasing revenue estimated at $8.1 billion in Q4 2026.
- •The Starship rocket is identified as another significant driver, opening opportunities for complex government missions and boosting Launch & Development revenue.
Key Questions Answered
Analyst John Blackledge of TD Cowen initiated coverage of SpaceX with a buy rating and a price target of $200, which represents a 37% upside from Monday's close.
SpaceX has four customers leasing or starting to lease AI compute capacity in 2026, including frontier labs like Anthropic and Alphabet's Google.
The Starship rocket will open up opportunities for complex government missions such as lunar and Mars trips, eventually causing Launch and Development revenue to surpass Launch Services revenue around Q1 2030.
