TD Cowen initiates SpaceX at Buy with $200 price target

TD Cowen initiated SpaceX $SPCX with a Buy rating and a $200 price target, citing terrestrial AI compute leasing as a major potential growth driver.
The firm expects AI compute leasing, including demand from Google and Anthropic, to become SpaceX's fastest-growing business and account for the majority of revenue by 1Q27 as capacity expands.
The outlook represents TD Cowen's forward-looking forecast and depends on the expected capacity ramp and customer demand materializing.