According to TipRanks, 35 analysts set 12-month price targets for SpaceX (SPCX) ranging from $75 to $450, with an average of $217, nearly 50% above the stock price at the time of writing. Morgan Stanley assigns just $8 per share to the external launch business, versus $118 for Starlink connectivity and $165 for enterprise AI. In Q2, the Space segment generated $962 million in revenue and a $542 million operating loss, and 28 of the 38 launches were internal missions. The Connectivity segment earned $1.66 billion in operating income on $4.29 billion of revenue, while AI revenue rose nearly 247% to $2.56 billion but posted a $1.26 billion operating loss. The wide valuation gap reflects uncertainty over AI, where one customer accounted for 19.5% of consolidated revenue and cloud contracts can be terminated with 90 days' notice.
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