【SPCX】Big bull Wedbush sees SpaceX at $190, betting it transforms into an AI computing center.

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

This valuation approach is mainly used to assess the value of companies that have multiple different lines of business. He broke it down: the space launch business is valued at approximately $66 billion, Starlink at roughly $600 billion, and the AI business—which makes up the largest share of the total 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—even before SpaceX puts AI data centers into orbit.

He noted, “When you look at AI from the computing-power side and then through to space communications, SpaceX looks more like a full AI concept rollout. That is our view from the perspective of data flows and infrastructure.”

He added, “It’s like today: if you look purely at current revenue, isn’t its valuation extremely expensive? Of course it is. But if you look ahead two to three years—and if they execute properly—I can say with confidence that this will become one of the best AI investment targets in the market. That’s why we are strongly bullish at this stage. As investors, I believe you must spot opportunities early and think long-term, rather than just staring at short-term valuations over the next 6 to 12 months.”

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

He continued, “Compared with Falcon 9, Starship is crucial in reducing the cost of getting into space by 90%. Lower costs will drive more space applications, such as AI data centers in orbit.”

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

The company has already conducted 12 Starship tests. It is expected to carry out the 13th test in the coming weeks. Market expectations are focused on building on the previous test by performing a “second controlled splashdown at sea,” and then, at the 14th or 15th test, carrying out the most daring “chopstick-style” recovery of the Starship using the launch tower’s mechanical arms, to achieve reuse.