Analysts Surge Projections Following SpaceX Earnings Call

Following a strong financial report released late on October 20, 2026, SpaceX stock is rising in early trading on October 21 as numerous financial analysts have significantly increased their price targets for the shares. The company posted $14.6 billion in revenue for the third quarter, which represents a 161 percent increase compared to the previous year and exceeds what analysts had predicted. The company also reported a net profit of $4.4 billion, a turnaround from a loss during the same period last year, and its adjusted EBITDA reached $8.8.8 billion.

The company's financial results were driven by its Super Intelligence (AI) division, which generated approximately $7.6 billion in revenue. This makes it the company's largest source of income, having grown almost 830 percent year-over-year. The Connectivity segment also performed well, contributing $5.2 billion in revenue as the number of Starlink subscribers increased to 13.6 million. This combination of business lines has led analysts to believe that SpaceX's growth will continue.

During the earnings call, executives outlined plans that further encouraged this sentiment. They provided revenue guidance for the first quarter of 2027 ranging from $33 billion to $37 billion, a figure substantially higher than the roughly $22 billion that analysts had modeled. The company also detailed plans for significant spending on AI compute infrastructure during the fourth quarter, with capital expenditures projected to be between $35 billion and $40 billion for projects in locations such as Memphis and Southaven.

In response to these results, multiple financial institutions adjusted their outlooks. JPMorgan more than doubled its price target to $500 from $240. Cantor Fitzgerald raised its target to $345 from $246, while Barclays moved its target to $300 from $254. Other firms including Citi, UBS, TD Cowen, Wells Fargo, and Clear Street also issued higher price targets, all maintaining positive ratings. Analysts generally cited the company's strong quarterly performance, its progress in AI compute and Starlink, and recent Starship milestones as reasons for their increased confidence.

The stock, which closed at $147.79 on October 20, jumped roughly 8 percent in early premarket trading on October 21 as investors reacted to the news. The company also discussed other developments, including Starship's recent orbital success, the deployment of V3 satellites, and the formation of special committees to explore a possible combination with Tesla. The average analyst price target has moved higher, reflecting greater conviction in SpaceX's trajectory across its various business units.

Looking ahead, the company is targeting 2.5 to 3 gigawatts of nameplate compute capacity by the end of the year and discussed pathways to 13 gigawatts or more by the end of 2027. The company's leadership stated that demand for its compute capacity is very high, with pricing that supports quick payback periods for the infrastructure. Elevated spending on this infrastructure remains a point of focus for investors as the company continues to expand these operations.