SpaceX（太空探索技术公司）覆盖：开启星际高速通道，买入评级，目标价235美元

Paving the superhighway to the stars;Initiate at Buy, PO of $235 Initiating Coverage:BUY| PO:235.00 USD| Price:162.00 USD Launch leadership enables everything elseWe initiate coverage of SpaceX (SPCX) with a Buy rating and $235 PO, derived by a 07 July 2026 long-term DCF considering base, bear, and bull cases (see inside). SpaceX has evolvedfrom a launch company into the foundational enabler of the space economy and theleading provider of space-based applications as a result. SpaceX’s extensive moats onreusable launch and proliferated space applications are in our view laying the foundationfor Starship and future applications to drive another paradigm shift in capabilities. Equity Ronald J. EpsteinResearch AnalystBofAS+1 646 855 5695r.epstein@bofa.com Justin PostResearch AnalystBofASjustin.post@bofa.com Monetizing the mass to orbit moat SpaceX has demonstrated a unique ability to convert launch and manufacturingcapabilities into market-leading, recurring applications businesses, notably Starlink. Theresult is a powerful flywheel, where launch enables space applications, applicationsgenerate cash flow, and those cash flows support further infrastructure investment.While not reflected directly in financials given company accounting, Falcon and Starshiplaunch economics are the primary drivers of SpaceX’s ability to develop high-marginapplication layers on orbit. Tal LianiResearch AnalystBofAStal.liani@bofa.com Michael J. FunkResearch AnalystBofASmichael.j.funk@bofa.com Mariana Perez MoraResearch AnalystBofAS+1 646 855 5696mariana.perezmora@bofa.com It all hinges on the “King of the Cosmos”The central debate is whether Starship can achieve the reliability, cadence, and economics required to unlock the next phase of growth. Much of SpaceX's long-termopportunity, including Starlink v3 deployment and future compute infrastructure, dependon Starship successfully commercializing full reusability. If achieved, we believe launchcosts could decline by an order of magnitude while capacity expands dramatically. Ifdelayed, the timing of many future growth vectors moves materially to the right. Alexander PrestonResearch AnalystBofAS+1 646 855 3599alexander.preston@bofa.com Kevin NiederpruemResearch AnalystBofASkevin.niederpruem@bofa.com Orbital computedemonstrates differentiated option value SpaceX’s vision for orbital compute creates substantial upside potential, but is alsoindicative of broader option value realizable by SpaceX’s launch moat, verticalintegration, and manufacturing scale. Entry into AI infrastructure and applicationsmarkets represent attractive opportunities for SpaceX to apply its leading spacepositioning within rapidly growing and competitive markets. Other emerging andpotential space applications could provide additional value in time, again predicated onthe ultimate success of Starship as a means of further expanding space access. Valuation (Dec) BofA Securities does and seeks to do business with issuerscovered in its researchreports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 39 to 41. Analyst Certification on page 37. PriceObjective Basis/Risk on page 37.12991046 iQprofileSMSpace Exploration Technologies Corp. Company SectorSatellite Services Company Description SpaceX is an integrated provider of launch and spacesystems,communications, and AI with a goal of makinghuman life interplanetary. The company operates underthree segments: Space, including launch of its Falcon,Dragon, and Starship vehicles, Connectivity, operatingStarlink and Starshield and Mobile connectivity service, andAI, which includes development of data center compute,the company's Grok large language model, and otherapplications. Investment Rationale SpaceX has evolved from a launch company into thefoundational enabler of the space economy andthe leadingprovider of space-based applications as a result. SpaceX'sextensive moats on reusable launch and proliferated spaceapplications are in our view laying the foundation forStarship and future applications to drive another paradigmshift in capabilities. Stock Data Average Daily VolumeNA Investment thesis We initiate coverage of SpaceX (SPCX) with a Buy rating and a PO of $235. SpaceX is anintegrated provider of launch and space systems, communications, and AI with a goal ofmaking human life interplanetary. The company operates under three segments: Space,including launch of its Falcon family of vehicles, Dragon spacecraft, and Starship;Connectivity, operating Starlink and Starshield as well as Mobile connectivity service;and AI, which includes development of data center compute, the company’s Grok largelanguage model, and other applications. Our PO of $235 is based on an average long-term DCF of base, bull, and bear cases fordifferent