According to CNBC, Wolfe Research has covered SpaceX for the first time and given it a outperforming rating, with a target price of $175, which is nearly 30% higher than the IPO price of $135. Wolfe Research believes that SpaceX's valuation of $1.77 trillion is supported by the dominant position of its launch business, which provides an attractive unit economic model for other businesses. The 2025 report from Georgetown University's Center for Security and Emerging Technologies shows that SpaceX undertakes five out of every six space launches in the United States. Wolfe Research believes that rocket reusability brings cost advantages, and Walton stated that Starship's successful achievement of reusability is an important value release factor. Wolfe Research expects SpaceX to establish a cost advantage in the final computing competition through vertical integration and space access capabilities.
