SPCX Stock Rallies 20% In Three Sessions – Why Does Goldman See Another 30% Upside?

Goldman said it is becoming more optimistic about SpaceX’s AI business, particularly its ability to monetize computing infrastructure.

• The firm kept a ‘Buy’ rating and raised the price target to $2 from $220, according to TipRanks.
• Goldman expects AI segment revenue of $27.3 billion in fiscal 2026, $90.4 billion in 2027 and $146.7 billion in 2028.
• The analyst said improved launch frequency and reusability of Starship could help lower costs.

SpaceX (SPCX) shares climbed to their highest level since June after rallying about 20% since Thursday, but Goldman Sachs believes there is still room for more upside.

The firm kept a ‘Buy’ rating and raised the price target to $230 from $220, according to TipRanks. This implies around 30% upside from current levels.

At the time of writing, SPCX stock was up about 1.2% and on track for a third straight session of gains, a streak it last recorded toward the end of August.

Goldman Sees FY2026 AI Segment Revenue Of Over $27B

Goldman said it is becoming more optimistic about SpaceX’s emerging AI business, particularly its ability to monetize computing infrastructure as enterprise demand grows. Analyst Eric Sheridan also highlighted the company’s broader growth engines, Starlink, Starship and launch services, saying improved launch frequency and reusability could help lower costs and create new revenue opportunities over time.

The analyst expects AI segment revenue of $27.3 billion during fiscal 2026, followed by $90.4 billion in 2027 and $146.7 billion during 2028. The estimates assume terrestrial compute capacity will grow from about 2.4 gigawatts (GW) by year-end to 7 GW in the next period, before reaching 10.6 GW a year later.

AI, Starlink And Starship Stay In Focus

Starship remains central to SpaceX’s long-term growth plans. Its latest flight reached orbit for the first time and deployed 26 Starlink V3 satellites, marking an important step toward using the vehicle for regular commercial missions. Starlink, meanwhile, remains SpaceX’s main revenue engine, with second-quarter (Q2) connectivity revenue surging 66% to $4.29 billion.

AI is SpaceX’s biggest investment area. The company reported $2.56 billion in Q2 AI revenue and spent about $15.83 billion on AI-related capital expenditure while total company capex was about $18.37 billion. Earlier, TD Cowen said that SpaceX’s terrestrial AI compute leasing revenue could rise from $14 billion in 2026 to $66 billion in 2027 and $133 billion in 2028, potentially making AI one of SpaceX’s largest businesses.

Retail Expects Correction

Despite the slide, retail sentiment surrounding SPCX on Stocktwits remained ‘extremely bullish’ over the past 24 hours, amid ‘high’ message volumes.

One user said there is strong resistance at $176.

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Another user said the probability of a near-term correction in SpaceX appears “exceptionally high.”

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The stock has gained more than 28% over its listing price.

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