Even though Space Exploration Technologies Corp. (NASDAQ: SPCX) stock has plunged over 16% since retesting its resistance level around $176 earlier in October 2026, Douglas Harned, a Wall Street analyst at Bernstein SocGen Group, expects a bull run to a new all-time high (ATH) over the next 12 months.
On Monday, October 26, Harned raised the firm’s 12-month price target of SpaceX stock to $268 from $248. He, however, maintained the firm’s 12-month rating of SPCX at ‘Outperform’.
With SpaceX stock trading at $148.30 at the time of writing, the firm signals a potential 80.71% upside. Bernstein SocGen Group raised its outlook for SPCX primarily due to expanding terrestrial artificial intelligence (AI) build plans.
Furthermore, Harned noted that the company’s compute capacity expectations increased by 5 gigawatts (GW), reaching 13 GW by the end of 2027 and expanding to 20 gigawatts in 2028. These additions require an estimated capital expenditure of $35 billion per gigawatt.
The analyst argued that outperformance in enterprise and government connectivity further supports SpaceX’s projected $500 billion to $1 trillion 2027 revenue run-rate. This outperformance also reinforces an updated conservative full-year 2028 revenue target of $424 billion.
“Flight 15 should be within a few weeks, with a plan to capture both booster and Starship. The company said the heat shield performed well on Flight 14, which could set up the first reuse of Starship on Flight 16. Reusability is key to making orbital data centers successful,” Harned noted.
SpaceX stock forecast for 12 months
Following Harned’s SPCX stock 12-month forecast on Monday, 35 Wall Street analysts polled by TipRanks over the past 3 months have set an average rating of ‘Strong Buy’.
Their average 12-month price forecast signals a bullish market to a new peak.
Is SPCX a good stock to buy?
After hitting its post-IPO (initial public offering) capitulation bottom at approximately $105.17, SPCX recently retested a major resistance level around $176.93.
As a result, the company had a market capitalization of $1.9 trillion at the time of reporting.
With SpaceX’s increased expenditure on AI-focused products, Wall Street analysts are optimistic about a possible rally to a new ATH by October 26, 2027.
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