SpaceX stock rises after Bernstein maintains $248 target

SpaceX shares rose Monday after Bernstein SocGen Group reiterated an Outperform rating and a $248 price target, while highlighting uncertainty around the company’s plan to expand Starlink into a direct-to-device mobile service.

Bernstein’s note said the firm remains positive on SpaceX’s other operations, including launch services, orbital data centers and Starlink broadband for consumer, enterprise and government customers. The firm’s analysis found SpaceX generated $23 billion in revenue over the last 12 months and reported a 52% gross profit margin, though the company is unprofitable on an overall basis. The work was led by Bernstein’s U.S. Communications Infrastructure and Telecom teams and builds on a prior report titled “SpaceX: The Telecom Play – Can Direct-to-Device Work?”

The report identified the direct-to-device mobile effort as the most difficult segment. Bernstein examined the technical requirements, buildout costs and the potential effects on existing telecom and tower operators. The firm noted SpaceX plans to begin Starship launches for a Mobile V2 satellite constellation in mid-2027 and concluded the mobile initiative presents greater execution and cost challenges than other parts of the business.

Bernstein’s analysis emphasized that multiple revenue streams support its positive view of SpaceX overall, but the firm did not fully endorse the mobile plan. The report pointed to execution risks, infrastructure costs and competitive dynamics as factors to watch as the company prepares for the planned 2027 launches.

Operational developments at SpaceX this week include a delay to the planned Crew-13 mission to the International Space Station after engineers identified an oxidizer leak in the Dragon spacecraft’s propulsion system. NASA and SpaceX are conducting additional testing and have not announced a new launch date. The mission was expected to carry American, Canadian and Russian crew members. Dragon is SpaceX’s primary vehicle for crew and cargo transport to orbit and remains the only U.S. option for sending astronauts to the ISS.

Separately, SpaceX launched a $4.3 billion NASA telescope on Sunday to study dark matter and dark energy. Following that launch, President Donald Trump commented on the mission and initiated steps to create a U.S. space academy intended to serve the U.S. Space Force and support civilian spaceflight through NASA.

Bernstein’s reiteration of an Outperform rating and a $248 price target highlights the firm’s continuing positive assessment of SpaceX’s diversified businesses while identifying the direct-to-device mobile plan as a segment with distinct technical and financial challenges.