One Wall Street firm thinks SpaceX shares could more than double from their current level. Arete Research set a price target for SpaceX on Thursday of $401 for the end of 2027. Shares closed on Wednesday close to $192 but were down more than 6% in afternoon trading on Thursday. Arete thinks that the stock will be propelled upward on the reusability of SpaceX's new super-heavy rocket Starship, along with the installation of space-based data centers and the expansion of its Starlink satellites. "Expect SpaceX shares to trade on Starship reusability and launch volume news," Arete analysts wrote in a Thursday research note. They believe that Starlink and AI infrastructure will drive a compound revenue growth rate of a whopping 63% into 2030. Serious doubts Arete's views are not typical on Wall Street. Oppenheimer put out a price target on Thursday of $250 for SpaceX over the next 12 to 18 months. Investment bank Stephens has a price target of $296, according to a June 16 note to clients. Multiple Wall Street firms have made similar points to Arete about how the reusability of Starship could be a value add for different segments of SpaceX's diverse business, which spans AI, rocket launches and satellite internet. But Starship is not yet proven, and many analysts view it as significantly behind Anthropic and OpenAI when it comes to AI capabilities. "We don't expect SpaceX to out-innovate Anthropic or OpenAI on the model side," Myles Walton at Wolfe Research wrote in a June 12 note. Walton also said in his note that the nearly 30% upside his price target predicted on that day could could be wrong if "Starship doesn't work" or the company's "AI is hype." The largest company in the world? SpaceX's market capitalization is varying along with its stock price, but is already well above $2 trillion following the initial surge after the IPO. With about 13 billion shares outstanding and an IPO listing price of $135, the company has already met and surpassed its initial valuation target of $1.75 trillion. Assuming the number of available shares stays the same, the $401 price target from Arete would mean a market cap above $5.2 trillion. That would make it larger than Nvidia , currently the biggest company in the world with a fully diluted market cap of about $4.99 billion, according to FactSet. A doubling of SpaceX's price would be especially notable considering that SpaceX didn't make any money last year. The company lost about $5 billion in 2025 on revenue of more than $18.5 billion, news agency Reuters reported in April, citing reporting from The Information based on sources.
<small>Source: CNBC</small>
