Key Highlights

• Wedbush Initiates at Outperform: Analyst Sam Brandeis started coverage with a $190 price target, calling SpaceX "one of the most differentiated assets" in tech.

• Hyperscaler Positioning Thesis: Wedbush sees SpaceX becoming a major hyperscaler through its vertically integrated platform spanning connectivity, launch, and AI infrastructure.

• Starlink Still in Early Innings: The firm believes Starlink is still in the early stages of penetrating the global telecom and broadband market.

Wedbush analyst Sam Brandeis initiated coverage of SpaceX with an Outperform rating and a $190 price target, making the case that SpaceX is well positioned to become a "major hyperscaler" with its vertically integrated platform spanning connectivity, launch, and AI infrastructure.

The firm views SpaceX as "one of the most differentiated assets" within the technology market, citing three specific competitive strengths: Starlink's growing footprint in global connectivity, Starship's role in driving a "demand flywheel" for launch capacity, and increasing deal flow for its Colossus AI computing clusters.

Wedbush's decision to classify SpaceX alongside hyperscalers like Amazon (NASDAQ: AMZN), Microsoft (NASDAQ: MSFT), and Alphabet (NASDAQ: GOOGL) reflects a view that SpaceX's infrastructure ambitions extend well beyond launch services into the foundational layer of AI compute and global connectivity infrastructure.

The firm argues that Starlink is still in the early innings of penetrating the global telecom and broadband market, with significant addressable market expansion remaining as satellite internet reaches underserved geographies and enterprises across both developed and emerging markets.

The Outperform initiation adds major institutional research coverage to a stock already benefiting from its confirmed addition to the Nasdaq-100 Index on July 7, which is expected to trigger significant passive fund buying as index-tracking funds rebalance their portfolios to include the new constituent.

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