Arete Research initiated coverage of SpaceX on June 18 with a Buy rating and a price target of $401<\/strong> a share. <\/p>\n That\u2019s the highest number any analyst has put on the stock since it went public.<\/p>\n Arete analyst Andrew Beale isn\u2019t betting on rockets, at least not directly. Beale, a senior analyst at the firm, has been analyzing telecom and cable stocks since the 1990s. <\/p>\n What makes his call particularly intriguing is that he\u2019s betting on a satellite SpaceX hasn\u2019t even launched yet.<\/p>\n The $401 target implies roughly 117% upside<\/strong> from Thursday\u2019s closing price of $185. <\/p>\n At that level, SpaceX would carry a market valuation near $5.3 trillion, or about 80 times the company\u2019s projected 2027 sales, Finbold reports.<\/p>\n Beale\u2019s research note described SpaceX as breaking \u201chard engineering challenges into stepwise tasks\u201d while building hardware and software across three businesses at once<\/strong>:<\/p>\n In plain terms, Beale thinks SpaceX wins by solving one hard problem at a time, not by betting everything on a single breakthrough.<\/p>\n His specific catalyst is Starlink V3, the next generation of SpaceX\u2019s satellites. <\/p>\n Beale argues V3 could unlock a sizable opportunity in suburban broadband, where home internet options are often limited, by delivering faster speeds and more capacity than today\u2019s fleet.<\/p>\n Joe Raedle / Getty Images<\/p>\n<\/figcaption><\/figure>\n There\u2019s a catch: <\/p>\n Starlink V3 satellites are too large for SpaceX\u2019s workhorse Falcon 9. <\/p>\n They need Starship, the reusable heavy-lift vehicle SpaceX has tested for years but hasn\u2019t yet flown a fully operational commercial mission, Parameter reports.<\/p>\n That makes Beale\u2019s $401 target a bet on execution timing as much as demand. <\/strong><\/p>\n That means two separate things have to go right for the $401 target to hold up: <\/p>\n If either falls short, the case weakens.<\/p>\n SpaceX\u2019s regulatory filings split the company into three segments: Space, Connectivity, and AI, according to its registration statement filed with the Securities and Exchange Commission (SEC). <\/p>\n Connectivity, which houses Starlink, is the only one consistently turning a profit.<\/p>\n More Space Stocks:<\/strong><\/p>\n In 2025, Connectivity generated $11.39 billion in revenue<\/strong> and $4.42 billion in operating income, up nearly 50% and 120% year over year. <\/p>\n The AI segment<\/strong>, which absorbed Musk\u2019s xAI in February 2026, lost $6.36 billion<\/strong> on just $3.2 billion in revenue over the same period.<\/p>\n This matters for Beale\u2019s thesis, as his bull case leans almost entirely on Starlink scaling further, not on the AI business turning a profit anytime soon.<\/p>\n Arete isn\u2019t the only firm with skin in the game. <\/p>\n CFRA analyst Keith Snyder carries a Sell rating<\/strong> and a $115 price target, the lowest on the Street, arguing SpaceX already trades on outsized growth assumptions.<\/p>\n Related: SpaceX president reveals what investors should be watching<\/strong><\/p>\n Oppenheimer\u2019s Timothy Horan sits in between. <\/p>\n He raised his target to $250 on June 18, the same day as Arete\u2019s call, after calling SpaceX \u201cthe only vertically integrated AI company\u201d with the capital and talent to compete at scale.<\/p>\n That $115-to-$401 spread, with other firms scattered in between, shows how unsettled the market still is on SpaceX\u2019s worth less than two weeks after its IPO.<\/p>\n Beale\u2019s target assumes that a lot of things will break SpaceX\u2019s way before 2027. The catalysts worth tracking include:<\/p>\n SpaceX\u2019s first earnings release as a public company lands on August 11, a date that carries extra weight since it triggers insider selling rights, Jay Woods, chief market strategist at Freedom Capital Markets, told Finbold. <\/p>\n 20% of insiders can sell that day, with another 10% unlocking if shares hold 30% above the $135 IPO price for five to ten straight sessions.<\/p>\n SPCX is still up about 14% over the past five trading days despite two losing sessions, while the S&P 500 gained roughly 1% over the same stretch.<\/p>\n Treat Beale\u2019s $401 target as a long-term thesis that only pays off once Starship is flying commercially and launching V3 satellites on schedule.<\/p>\n Related: SpaceX stock joins AI bond frenzy<\/strong><\/p>\n #Veteran #analyst #sets #jawdropping #SpaceX #stock #price #target<\/p>\n","protected":false},"excerpt":{"rendered":" SpaceX (SPCX) stock slid for two straight sessions before Thursday\u2019s close, dropping from a post-IPO high of $225.64 to $185.00. Then a top Wall Street analyst made one of the… <\/p>\n","protected":false},"author":1,"featured_media":8317,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[246],"tags":[4810,6994,100,4291,1843,91,1196,4809],"class_list":["post-8316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-popular","tag-analyst","tag-jawdropping","tag-price","tag-sets","tag-spacex","tag-stock","tag-target","tag-veteran"],"_links":{"self":[{"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/posts\/8316","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8316"}],"version-history":[{"count":0,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/posts\/8316\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/media\/8317"}],"wp:attachment":[{"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Arete\u2019s Andrew Beale tops Wall Street with a $401 SpaceX call<\/h2>\n
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![](\"https:\/\/www.thestreet.com\/.image\/NDA6MDAwMDAwMDAzMDg1NDY3\/falcon9_pl_200626.jpg?profile=rss\")
Why the suburban broadband bet still depends on a rocket that hasn\u2019t flown commercially<\/h2>\n
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What SpaceX\u2019s own numbers say about which business is actually carrying the company<\/h2>\n
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Where the rest of Wall Street disagrees<\/h2>\n
Four catalysts that need to go right for the $401 case to hold up<\/h2>\n
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What this means for investors before SpaceX\u2019s first earnings report<\/h2>\n