【SPCX】A big bull, Wedbush, bets on SpaceX: the $190 bet evolves into an AI computing power center

SpaceX（US:SPCX）listed 3 weeks ago, and received its first 12-month price target of $190 from investment firm Wedbush. In an interview, the analyst Dan Ives, who wrote the report, said this is a “sum-of-the-parts valuation method.”

This valuation method is mainly used to assess the value of companies that have multiple different business segments. He broke it down: the space launch business is valued at about $66 billion; Starlink is valued at about $600 billion; and the AI business, which makes up the largest share of the overall valuation, is worth as much as $1.8 trillion. He expects that by 2028, the AI business will generate more than $80 billion in revenue—before SpaceX puts AI data centers into orbit.

He noted, “When you look at AI from the compute side and then from space communications, SpaceX looks more like a full AI concept play—this is our perspective from a data flow and infrastructure standpoint.”

He further said, “It’s like today—if you look purely at current revenue, is the valuation super expensive? Of course it is. But if you look ahead to the next two or three years, and if they execute properly, I can assert that this will become one of the best AI investment targets in the market. That’s why we’re strongly bullish at this stage. I think as investors, you have to see opportunities early and think long-term, rather than just fixating on the short-term valuation for the next 6 to 12 months.”

In his report, he wrote, “We believe SpaceX is one of the most differentiated assets in the technology market, with strong positioning across three core markets. Among them, Starlink is achieving success through network connectivity, Starship launch is driving a demand flywheel effect, and the transaction traffic for its Colossus (AI data center) is also growing.”

He continued that, compared with Falcon 9, Starship is critical to reducing the cost of reaching space by 90%. Lower costs will give rise to more space applications, such as AI data centers in orbit.

Dan Ives added, “All of SpaceX’s future businesses rely on Starship—whether it’s Starlink’s next-generation satellites, orbital AI computing ‘constellations,’ the Artemis lunar lander, or the cost and capacity assumptions that underpin the entire forward-looking valuation case. This vehicle is both the company’s single largest source of value and its biggest risk.”

The company has conducted 12 Starship tests and is expected to carry out its 13th test within a few weeks. Market expectations focus on following up on the previous test with a “second controlled splashdown at sea,” and only in the 14th or 15th test will the most thrilling “chopstick-style” recovery of Starship by the launch tower’s mechanical arms be attempted, in order to achieve launch-to-reuse.