Bank of America reiterates bullish view on SpaceX, maintains target price of $235

Bank of America reiterates its bullish view on SpaceX, maintaining a target price of $235, with approximately 87.5% upside potential compared to the post earnings reference stock price of $125.33. Bank of America believes that AI computing power business is the long-term value core. It is expected that SpaceX's AI business will generate revenue of $24.5 billion in 2026, accounting for more than half of the annual revenue forecast of $46.9 billion. It is also expected that revenue will increase to $100.7 billion and $184.8 billion in 2027 and 2028, respectively. Bank of America has raised its earnings per share forecast for 2026 from a loss of $0.02 to a profit of $0.91, and for 2027 and 2028 to $3.19 and $7.29, respectively.