SpaceX’s (SPCX) historic IPO in mid-June 2026 valued the company at nearly $2 trillion, making it the biggest public offering ever. Now, Raymond James analyst Brian Gesuale has issued an ultra-bullish call, stating the stock is undervalued and poised to reach $800 — a potential upside of 430%. Gesuale’s thesis rests on the commercial maturity of Starship, a next-gen vehicle that can carry over 100 metric tonnes to orbit, drastically lowering launch costs and unlocking a $30 trillion total addressable market. He compares the shift to the advent of commercial aviation, with continuously falling unit costs enabling a highly automated transportation network.
Gesuale also highlights artificial intelligence as a major tailwind. By leveraging its satellite infrastructure to process raw electricity into AI-driven insights, SpaceX can undercut traditional terrestrial data centers. Raymond James served as an underwriter for the $75 billion capital raise, giving it unique visibility. Meanwhile, Stifel analyst Jonathan Siegmann rated SpaceX a Buy with a $190 target and noted all three space end markets — defense, commercial, and government — are simultaneously strengthening.
Beyond SpaceX, the broader space sector is attracting attention. Rocket Lab, a direct competitor, has flown 91 Electron missions and is developing the larger Neutron rocket, expected to debut by end-2026. It is also acquiring Iridium Communications for $8 billion. AST SpaceMobile, with just a handful of satellites, has partnerships with Verizon and AT&T to challenge Starlink’s broadband service; analysts expect its revenue to grow 140% in 2026 and 340% in 2027. Siegmann issued Buy ratings on SpaceX, Rocket Lab, Kratos Defense, Applied Aerospace, MDA Space, and Spire Global. The global launch market is projected to more than double to $70 billion annually by 2035, while satellite broadband could reach $40 billion.
