AI+ aerospace “twin engine” launched! Goldman Sachs is bullish on SpaceX (SPCX.US) at $230

The Zhitong Finance App learned that before SpaceX (SPCX.US) will announce the results for the third quarter of 2026 on November 5, EST, Goldman Sachs updated and raised the company's artificial intelligence (AI) business forecasts, including computing power capacity, revenue and profit margin forecasts based on the company's recent trading activities, latest public statements, and progress in key enterprise use cases and model development. As the company continues to maintain a high level of execution capability, Goldman Sachs will also further sort out the potential computing power monetization scenario from FY2026 to FY2028, and believes that in the absence of revisions to the broader AI operating environment, the AI business forecast for the next 6-18 months is still relatively conservative (compared to consistent market expectations). In addition, with regard to the space business, Goldman Sachs also discussed recent related news and considered how these developments may affect the company's long-term development opportunities as launch frequency and reuse capabilities continue to increase in the next few years.

Goldman Sachs's performance outlook focuses on three key investor debates/issues:

1. In the next 12-18 months, how should investors view the construction of terrestrial computing power infrastructure?

According to management comments, Goldman Sachs believes that SpaceX will expand the terrestrial computing power scale to 2.4 GW by the end of 2026 with high visibility. Entering 2027, the key variables that are expected to drive ground computing power to the 5-10 GW range include: (a) power and cooling; (b) the main body of the computer room (i.e. data center infrastructure); and (c) server capacity.

Its ground computing power capacity is expected to reach 7.0 GW by the end of 2027 and 10.6 GW by the end of 2028. All three variables are currently undergoing dynamic changes. Goldman Sachs will monitor the progress over the next few months to judge the development of terrestrial computing power capacity.

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

Considering a series of recent developments at the company level (including signing new hosting agreements, basic model improvements, etc.), as well as developments in the entire industry (imbalance between supply and demand, continued growth in token demand, etc.), Goldman Sachs is still optimistic about SpaceX's ability to monetize computing power infrastructure at higher rates in the medium term. Goldman Sachs proposed various scenario analyses for computing power monetization and escrow agreements, and based on this belief, the company's AI business revenue in the next few years has the potential to rise significantly compared to current market consensus expectations.

3. How should the recent Starship launch be understood, and what impact will it have on connectivity and AI business?

Goldman Sachs stressed that the continued launch and deployment of the Starship will drive subsequent iterations and adjustments of the aircraft, so that SpaceX can continue to make progress and deal with technical barriers. As these adjustments continue to advance, the company is expected to get closer to achieving its goals in terms of reusable capacity and transmission frequency.

Furthermore, Goldman Sachs believes that Starship will drive a series of significant business opportunities — including current broadband/mobile communication services, and future orbital computing power services — which can not only increase capacity (such as downlink capacity), but also improve unit economic efficiency.

Goldman Sachs reiterated its “buy” rating for SpaceX in the research report. The target price for 12 months was raised from 220 US dollars to 230 US dollars, up almost 45% from last Friday's closing price. The bank continues to believe that SpaceX has good expansion conditions in the following fields: space business (launch and reuse), connectivity business (broadband and mobile satellite constellations), and AI business (computing power, X, etc.). Each of these markets has the potential to grow into trillion-dollar opportunities over the next 5 years or more.

At the same time, Goldman Sachs remains optimistic about the company's vertical integration strategy after the merger, as well as the resulting structural costs and competitive advantages. The bank anticipates that these advantages will further accumulate and strengthen development momentum over the next few years.