JPMorgan raises SpaceX price target to $500 after earnings beat

JPMorgan raised its 12-month price target for SpaceX to $500 from $240, implying a nearly 240% upside, after the company's third-quarter earnings beat expectations. SpaceX reported adjusted earnings of 45 cents per share on $14.6 billion in revenue for the quarter ended September 30, surpassing analyst consensus estimates. The company also raised financial targets, with Elon Musk projecting annual recurring revenue of $500 billion to $1 trillion by 2027. JPMorgan cited AI as the long-term growth driver, noting SpaceX plans to expand computing power to roughly 13 gigawatts by 2027, largely using Nvidia's Vera Rubin chips. The bank also highlighted growing adoption of Grok and the Cursor acquisition as additional value catalysts.