Wedbush has initiated coverage of Space Exploration Technologies Corp. with an Outperform rating and a $190 price target.
The firm described SpaceX as one of the most differentiated companies in the technology sector. It also believes the business could develop into a major hyperscaler across satellite connectivity, launch services and artificial intelligence infrastructure.
Starlink Remains SpaceX’s Main Profit Driver
Wedbush analyst Dan Ives identified Starlink as the company’s primary source of profitability.
As of June 5, 2026, Starlink had approximately 12 million subscribers. Average revenue per user stood at around $66 across enterprise and consumer customers.
Despite its rapid expansion, Starlink still controls less than 1% of the global telecommunications and broadband market.
Wedbush therefore believes the satellite internet business remains in the early stages of its long-term growth opportunity.
Direct-to-Device Services Could Expand Starlink’s Reach
SpaceX is also developing direct-to-device cellular services.
This technology could allow standard mobile devices to connect directly to Starlink satellites without relying entirely on traditional ground-based networks.
The service could expand SpaceX’s addressable market, particularly in remote regions and areas with limited telecommunications infrastructure.
Starship Could Lower Launch Costs
Wedbush highlighted Starship’s reusable design as one of SpaceX’s most important competitive advantages.
Greater reusability could reduce hardware and launch costs. It may also allow SpaceX to increase launch frequency and improve its operating efficiency over time.
More frequent launches would support both the company’s commercial launch operations and the continued expansion of the Starlink satellite network.
Starship Can Carry More Starlink Satellites
Each Starship mission is expected to carry approximately 60 Starlink satellites.
By comparison, a Falcon 9 launch can deploy around 27 satellites.
The larger payload capacity could help SpaceX build its satellite network more quickly. It could also lower the average cost of placing each satellite into orbit.
Wedbush believes this efficiency could become another growth driver for Starlink’s highly profitable broadband business.
SpaceX Plans Major AI Infrastructure Investments
Wedbush noted that SpaceX raised approximately $86 billion through its initial public offering.
Around 20% of those proceeds were reportedly allocated to artificial intelligence infrastructure investments.
The company is also seeking additional financing to support its long-term AI strategy.
These investments could position SpaceX as a major provider of computing and communications infrastructure alongside its existing satellite and launch businesses.
Wedbush Values SpaceX at $2.48 Trillion
Wedbush’s $190 price target is based on a sum-of-the-parts valuation using fiscal 2028 estimates.
The analysis implies an enterprise value of approximately $2.48 trillion.
This valuation reflects the expected contribution of Starlink, launch services, Starship and SpaceX’s emerging AI infrastructure operations.
AI and Compute Offer Long-Term Upside
Ives believes the AI and computing markets remain in the early stages of a decade-long expansion.
As a result, SpaceX’s AI infrastructure ambitions could create significant long-term value beyond its core Starlink business.
Wedbush’s bullish outlook is therefore based not only on satellite broadband growth, but also on SpaceX’s potential role in global connectivity, cloud infrastructure and high-performance computing.
