TD Cowen Initiates SpaceX Coverage With Buy Rating and $200 Price Target

TD Cowen has initiated coverage on SpaceX with a Buy rating and a $200 price target, representing about 35% upside from its recent closing price of $148.68. The brokerage highlighted commercial launch dominance, Starlink expansion, and terrestrial AI compute leasing as key growth drivers. TD Cowen projects SpaceX's total revenue will rise from $18.7 billion in 2025 to $40.9 billion in 2026 and $113.2 billion in 2027, with EBITDA reaching $60.8 billion. AI compute leasing is forecast to generate $14 billion in 2026 sales, while Starlink consumer subscribers could reach 107 million by 2031.