UBS Reiterates Buy on SpaceX, Projecting Above-Consensus Q3 Revenue of $13.8 Billion

SpaceX shares gained approximately 1.7% after UBS reiterated a Buy rating with a $210 price target, implying over 71% upside. UBS projects third-quarter revenue of $13.8 billion, topping Wall Street consensus by 7%, alongside adjusted EBITDA of $7.5 billion. The bullish outlook is led by AI operations forecast to deliver $7.6 billion in Q3 following partnerships with Anthropic and Google. Starlink connectivity revenue is expected to surge 59% to $4.9 billion with 14.3 million subscribers, while commercial launches are projected at $1.3 billion. Meanwhile, TD Cowen initiated coverage with a Buy rating and a $200 target.