Could SpaceX be an $800 stock? This analyst thinks so

SpaceX's SPCX valuation has been in the spotlight ever since its historic June 12th initial public offering (IPO) that tagged a market cap of nearly US$2 trillion (approx. $2.6 trillion) on the space infrastructure and AI titan.

And while many believe the company is trading at a stretched multiple, Brian Gesuale, a Raymond James analyst, issued a contrarian call on SPCX today, saying it’s actually “undervalued” at current levels.

In his research note, Gesuale told clients that SpaceX stock is strongly positioned to hit $800 over the long-term – an exceptionally bullish price objective that signals potential upside of a whopping 430% from here.

Why Raymond James is uber bullish on SpaceX stock

Gesuale’s positive stance on SPCX shares is based primarily on commercial maturity of the firm’s Starship.

The next-gen vehicle is built to carry more than 100 metric tonnes into orbit – effectively rewriting the laws of aerospace economics.

According to the Raymond James analyst, Starship is a revolutionary asset that transforms orbital launch from a custom, low-frequency capability into a highly automated transportation network.

Gesuale noted that this shift mimics a commercial aviation operating cadence with continuously falling unit costs, allowing the space giant to tap into a massive, newly unlocked US$30 trillion (approx. $38.7 trillion) total addressable market.

Gesuale sees AI as a major tailwind for SPCX shares

Beyond transforming global logistics and satellite deployment, Gesuale cited artificial intelligence (AI) as another major driver for SpaceX shares’ premium valuation.

As enterprise software shifts toward compute-heavy, agentic AI systems, the primary bottleneck for tech companies has shifted from software development to physical infrastructure and power availability.

In a note to clients, the Raymond James analyst said SPCX is uniquely positioned to commercialize an ultra-low-cost platform designed to convert raw electricity into highly actionable, AI-powered analytical insights.

By building out data capabilities connected to its satellite infrastructure, the firm is quietly erecting the foundational infrastructure required to generate useful intelligence at a lower cost than standard terrestrial operators.

What’s the consensus rating on SpaceX in 2026

Note that Raymond James is far from alone in its long-term optimism, though its target sits at the top of the Wall Street estimates.

The firm acted as an underwriter for SpaceX's massive US$75 billion (approx. $96.8 billion) capital raise alongside lead bookrunners Goldman Sachs and Morgan Stanley.

This insider familiarity supports a thesis that compares SpaceX to historic economic catalysts like the railroads or the internet grid.

Current consensus data from LSEG reveals that more than two-thirds of covering analysts hold a “Buy” or equivalent rating on billionaire Elon Musk’s space infrastructure and AI giant.

By framing the company as a pure-play industrial infrastructure backbone rather than a speculative aerospace venture, analysts increasingly view the current post-IPO consolidation as a unique entry point into SPCX stock.