Bernstein SocGen reiterated an Outperform rating and $248 price target on SpaceX SPCX, while calling direct-to-device mobile the most difficult part of the business to make work. SpaceX shares were up 0.93% intraday.
The note came from the firm's US communications infrastructure and telecom teams, and works through what a SpaceX mobile buildout would cost and what it would mean for carriers and tower operators. SpaceX plans to begin Starship launches of its Mobile V2 satellite constellation in mid-2027. Bernstein had already questioned whether direct-to-device economics hold up without a terrestrial partner in an earlier report on the same subject.
Bernstein stayed positive on launch services, orbital data centers, and Starlink broadband across consumer, enterprise and government customers. SpaceX generated $23 billion in revenue over the trailing twelve months at a 52% gross margin and is not yet profitable. The spread on the street is wide, with targets running from $117 to $450 against a stock that listed in June at $135.
