Goldman Sachs Raises $SPCX Price Target to $230 Ahead of Q3 Earnings

Goldman Sachs has a Buy rating on SpaceX ($SPCX) with a $230 price target, up from $220, implying 45% upside from the stock's recent price of $158.96. The bank is refreshing its view ahead of the company's Q3 2026 earnings report.
Goldman raised its total sales forecasts to about $51.6 billion for 2026, $127.5 billion for 2027 and $205.6 billion for 2028, increases of roughly 8%, 19% and 14% from prior estimates. EPS forecasts rose to $1.30, $3.96 and $7.01, respectively.
The core driver is AI. Goldman expects SpaceX's AI segment to generate roughly $27.3 billion in 2026, $90.4 billion in 2027 and $146.7 billion in 2028, with terrestrial compute capacity reaching about 2.4 gigawatts by year-end 2026, 7 GW in 2027 and 10.6 GW in 2028.
Sensor Tower data compiled by Goldman showed Starlink monthly active users up 21% year over year, with app-download growth accelerating to 59% in September.
At $158.96, SpaceX trades at roughly 122 times 2026 earnings, 40 times 2027 earnings and 23 times 2028 earnings. Free cash flow is expected to remain negative through 2028.