Oppenheimer has raised its SpaceX price target to $280 from $250, keeping an Outperform rating and putting artificial intelligence at the center of its bullish thesis.
Analyst Timothy Horan highlighted SpaceX’s vertically integrated AI platform, access to proprietary data, capital and Nvidia GPUs, alongside rapid infrastructure expansion. With SPCX recently trading near $142, the new target implies roughly 97% upside.
Nvidia, Grok and Cursor Drive the Bull Case
Oppenheimer pointed to stronger-than-expected AI usage and progress across Grok and Cursor, suggesting SpaceX is increasingly being valued as more than a launch and satellite company.
The company’s acquisition of Cursor strengthened that story by adding a major AI coding platform to an ecosystem already built around Grok and large-scale compute infrastructure.
That deal has also become part of the broader SpaceX AI story, particularly after OpenAI moved to end its model relationship with Cursor following the transaction.
SpaceX is also leaning heavily on Nvidia hardware. Oppenheimer expects next-generation Rubin chips to improve AI compute economics and support stronger long-term pricing.
Wall Street Keeps Raising SpaceX’s AI Value
Oppenheimer is not the only firm assigning more value to AI.
JPMorgan has also emphasized Grok and Cursor in its SpaceX thesis, while Morgan Stanley has argued that investors may still be underestimating the company’s AI operations. The expanding Wall Street AI forecasts show how quickly AI has become a major part of the SPCX valuation story.
SpaceX’s recent results reinforced that shift, with revenue growth supported by Starlink and a rapidly expanding AI business. At the same time, heavy spending on compute infrastructure shows how aggressively the company is pursuing the opportunity.
Valuation Still Raises the Bar
The bullish targets come with substantial execution risk.
SpaceX carries a valuation approaching $2 trillion, meaning investors are already pricing in major growth across Starlink, launch, AI and infrastructure.
The stock has also experienced sharp post-IPO volatility, showing how quickly sentiment can shift when expectations are this high.
SpaceX is simultaneously committing enormous capital to expansion, including its planned Louisiana Starbase project.
For Oppenheimer, however, the combination of Nvidia compute, Grok, Cursor and proprietary data is what justifies the higher target.
The $280 call effectively argues that SpaceX is evolving from a space-and-connectivity company into a much broader vertically integrated AI platform.
