Musk's Math: SpaceX Priced Like a Rocket, Valued Like an AI Datacenter 🚀

TD Cowen initiated coverage of SpaceX with a Buy rating and a $200 price target, citing artificial intelligence compute leasing as the company's fastest-growing revenue stream. Analyst John Blackledge's note argued that AI compute leasing could account for roughly 60% of SpaceX's revenue by 2027. The call frames Elon Musk's closely held venture less as a launch provider and more as an infrastructure play for AI workloads.

Shares of the special purpose acquisition company tracking SpaceX, listed under the ticker SPCX, closed the September 29 session at $149.24, up about 2.6% from the prior day. The move extended SPCX's monthly gain to more than 5%, according to market data. Trading volumes and broader equity flows were not disclosed in TD Cowen's published research.

The $200 target implies meaningful upside from current levels, with the gap between the September 29 close and the price objective sitting near 34%. TD Cowen's note positioned AI compute leasing as the central catalyst for that rerating, alongside SpaceX's existing launch and Starlink businesses. No additional revenue or unit assumptions were specified in the coverage summary.

SpaceX, the private aerospace company founded by Elon Musk, has not historically reported quarterly results in the manner of a public operating company. SPCX trades as a publicly listed vehicle whose valuation is tied to expectations around a future SpaceX combination, with the precise structure and timing of any transaction subject to disclosure. Investors holding SPCX are exposed to that pathway rather than to SpaceX's standalone operations.

The research note lands against a backdrop of intensifying demand for AI training and inference capacity, with hyperscalers and startups alike seeking large clusters of graphics processing units. TD Cowen's thesis treats SpaceX's planned satellite and orbital data center initiatives as a vehicle to monetize that demand. The bank did not assign a specific timeline for when the leasing business would reach the cited revenue share, and SpaceX has not publicly confirmed those financial projections.