'Buy Any Dip' in SpaceX Stock — Macquarie Sees Massive Upside Ahead
Macquarie sees SpaceX (NASDAQ:SPCX) as a premier AI infrastructure asset and argues that pullbacks in the stock are buying opportunities given the firm’s $250 price target and structural AI tailwinds.
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Macquarie’s Call and Valuation
Macquarie reiterated an Outperform rating on SpaceX and set a $250 price target in a research note on Tuesday.
The analysts rely on a blend of Sum‑of‑the‑Parts and Discounted Cash Flow analysis, tying valuation to both core launch economics and emerging AI compute revenue streams, according to CNBC.
Macquarie emphasizes "significant upside from AI optionality," arguing that even partial realization of SpaceX’s long‑term compute ambitions could justify valuations far above the current price.
Starlink’s global footprint, reusable launch capacity and internal chip and data‑center build‑out underpin a thesis that SpaceX controls scarce, scalable compute and bandwidth for frontier AI workloads. In this view, orbital networks and vertically integrated data centers form a "compute utility" that can compound far beyond launch revenues.
Compute Demand and Bottleneck Relief
Macquarie highlights hyperscale data centers facing escalating power, cooling and land constraints as AI models grow. SpaceX’s proposed orbital AI data‑center system—up to one million satellites using near‑continuous solar power—aims to sidestep some ground‑based limits while lowering energy intensity per unit of compute.
Macquarie’s upside case assumes that if SpaceX captures only a fraction of terminal AI compute demand with this architecture, its revenue and margin profile could support valuations well above current levels.
The firm’s $250 target implies nearly 100% upside from SPCX current level near $127 per share.
Commercial Traction: Colossus and Big Tech Deals
The thesis is already being tested in the market. Anthropic has inked a deal to use all compute capacity at SpaceX’s Colossus 1 data center, securing roughly 300 megawatts of power and more than 220,000 Nvidia GPUs.
The firm also highlights multi‑billion‑dollar AI compute arrangements with Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG), reinforcing SpaceX’s role as a wholesale supplier of high‑end infrastructure rather than merely a launch vendor.
These contracts provide early proof of concept for the "rent out unused capacity" strategy and anchor Macquarie’s argument to "buy any dip" as the AI revenue stack scales.
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