AI and Aerospace “Dual Engines” Launched! Goldman Sachs Targets SpaceX (SPCX.US) at $230

According to Golden Ten Data APP, ahead of SpaceX (SPCX.US) announcing its Q3 2026 earnings on November 5 (US Eastern Time), Goldman Sachs has recently released a research report updating and raising its forecasts for the company's artificial intelligence (AI) business—including computing power capacity, revenue, and profit margin—based on recent trading activity, latest public statements, and key enterprise use cases and model development progress. As SpaceX continues to demonstrate high execution capability, Goldman Sachs will further review potential computing power monetization scenarios for fiscal years 2026 to 2028. It believes that, in the absence of any adjustment in the broader AI operating environment, forecasts for the company's AI business over the next 6-18 months remain relatively conservative (compared to market consensus). Additionally, regarding SpaceX's aerospace business, Goldman Sachs discussed recent relevant news and considered how the continued increase in launch frequency and reusability over the next few years might impact the company’s long-term growth opportunities.

Goldman Sachs built this earnings preview around three key investor debate points/questions:

1. How should investors view the construction of ground computing power infrastructure over the next approximately 12-18 months?

Based on management's comments, Goldman Sachs believes that SpaceX's visibility on expanding ground computing power capacity to 2.4GW by the end of 2026 is quite high. Moving into 2027, key variables expected to drive ground computing power further into the 5-10GW range include: (a) power and cooling; (b) data center infrastructure; and (c) server capacity.

Ground computing power capacity is expected to reach 7.0GW by the end of 2027 and 10.6GW by the end of 2028. All three of these variables remain dynamic for now, and Goldman Sachs will monitor progress in the coming months to assess the development of ground computing power capacity.

2. What level of monetization can SpaceX achieve from ground computing power (how much revenue per GW)?

Given a series of recent company developments (including signing new colocation agreements and improvements to foundational models), as well as wider industry trends (supply and demand imbalance and continued growth in token demand), Goldman Sachs remains optimistic about SpaceX's ability to monetize computing infrastructure at high rates in the medium term. The bank developed multiple scenario analyses regarding monetization and colocation agreements, concluding that over the next few years, the company’s AI business revenue could substantially exceed current market consensus expectations.

3. How should recent Starship launches be understood, and what is their impact on connectivity and AI business?

Goldman Sachs emphasized that ongoing Starship launches and deployments drive subsequent iterations and adjustments for the spacecraft, allowing SpaceX to continue making progress and overcoming technical barriers. As these adjustments move forward, the company is expected to get increasingly closer to its goals for reusability and launch frequency.

Additionally, Goldman Sachs believes Starship will generate a series of significant business opportunities—including the current broadband/mobile communications business, as well as future orbital computing power business—which will both increase capacity (for example, downlink capacity) and improve unit economics.

Goldman Sachs reiterated its “Buy” rating on SpaceX in the research report, raising the 12-month target price from $220 to $230, representing nearly 45% upside from last Friday’s closing price. The bank continues to view SpaceX as well-positioned for expansion in the following areas: aerospace business (launch and reusability), connectivity business (broadband and mobile satellite constellations), and AI business (computing power, X, etc.). Each of these markets has the potential to become a multi-trillion-dollar opportunity over a time span of more than five years.

Meanwhile, Goldman Sachs remains optimistic about the company’s post-merger vertical integration strategy and the resulting structural cost and competitive advantages. The bank expects these advantages to further accumulate and strengthen growth momentum in the coming years.