[Goldman Sachs Raises SpaceX Target Price to $220, Q2 Earnings Exceed Expectations] According to Tide Research, SpaceX's Q2 revenue exceeded Goldman Sachs' expectations by approximately 17%, and GAAP operating profit surpassed expectations by about 92%. AI business quarterly revenue reached $7.67 billion, exceeding Goldman Sachs' forecast of $5.6 billion. Goldman Sachs has raised its 2026 AI revenue projection by 49% to $23.3 billion. Starlink broadband user numbers exceeded expectations, with management estimating an annual revenue run rate of $100 billion achievable by December. The 14th launch of Starship is expected to occur within a month. Goldman Sachs has raised the target price from $205 to $220, maintaining a buy rating. The current stock price of $125 implies approximately 76% upside potential. Goldman Sachs projects full-year free cash flow for 2026 to be negative $26.3 billion.