TechFlow news, July 8, According to TechFlow Research, Goldman Sachs initiated coverage of SpaceX (SPCX) on July 7, assigning a Buy rating with a 12-month target price of $205. The report breaks down SpaceX into three major businesses: Space, Connectivity, and AI: launch capacity accounting for over 80% of global mass sent to orbit, Starlink broadband users expected to reach 96.2 million by 2030, and AI computing power expanding from 2 gigawatts to 36 gigawatts (including 26 gigawatts of orbital computing power). The core advantage is vertical integration, with self-developed rockets, self-built data centers, and self-trained models; the Falcon 9 launch cost per kilogram is over 85% lower than the industry average.
Goldman Sachs expects SpaceX to need to issue approximately $270 billion in debt cumulatively from 2026 to 2030, with free cash flow expected to turn positive in Q4 2030.
