太空探索技术公司（Space Exploration Technologies, SpaceX）在公布第三季度业绩后士气高涨，其业绩远超市场预期。分析师表示，随着该公司在人工智能和通信技术领域的业务持续扩张，其股价仍有进一步上涨的空间。由埃隆·马斯克（Elon Musk）领导的这家公司在第三季度实现了146亿美元的营收，远高于路透社（LSEG）分析师们预测的127亿美元；这一营收同比增长了161%。调整后的每股收益为45美分，远高于分析师们预期的13美分。财报发布后，SpaceX的股价飙升了8%。
Space Exploration Technologies is rallying after reporting much stronger-than-expected results for the third quarter , and analysts say the stock has more room to run as its artificial intelligence and connectivity businesses expand. The Elon Musk-ledfirm posted revenue of $14.6 billion for the third quarter, topping the LSEG consensus of $12.7 billion. That represents a 161% increase from the year prior. Adjusted earnings were 45 cents per share, easily clearing the 13 cents per share forecast. Shares of SpaceX surged 8% following the release.
分析师指出，SpaceX的Starlink卫星服务业务表现尤为突出：截至9月30日的三个月内，用户数量增加了160万，达到了1360万。该公司在人工智能领域的投入也赢得了市场的更多信心。SpaceX的高管们表示，他们计划在未来两年内与特斯拉（Tesla）和英特尔（Intel）的合作项目中实现人工智能相关芯片的大规模量产。此外，SpaceX开发的生成式人工智能聊天机器人“Grok”得到了广泛使用，同时该公司还成功签订了多项利润丰厚的云服务协议。
Analysts pointed to Starlink growth. Consumer subscribers rose by 1.6 million to 13.6 million in the three-month period ended Sept. 30. The company's AI initiatives are also inspiring more confidence on the Street. Executives at SpaceX said they aim to hit volume production of AI-linked chips in its Terafab collaboration with Tesla and Intel within the next two years. They also pointed to increased adoption of SpaceX's generative AI chatbot called Grok as well as the activation of several lucrative cloud services agreements tied to their broader AI push.
巴克莱银行（Barclays）的分析师安东尼·瓦伦蒂尼（Anthony Valentini）在周三给客户的报告中指出：“SpaceX证明了其在人工智能业务方面的收入增长潜力，以及其按时完成各项发展计划的能力；随着市场疑虑的逐渐消散，投资者对该公司前景的预期也在不断提高。”瓦伦蒂尼目前给予SpaceX‘ overweight’（超配）评级，并将股价目标从254美元上调至300美元，这意味着股价有望较周二收盘价上涨103%。
"SPCX is proving the durability of its AI revenue growth and its ability to meet ambitious deployment timelines, moving investor forecasts higher as doubts begin to dissipate," Barclays analyst Anthony Valentini said Wednesday in a note to clients. Valentini has an overweight rating on the stock. He raised his price target on shares to $300 from $254, implying 103% upside from Tuesday's close.
其他机构的看法如下：摩根大通（JPMorgan）的分析师道格·安穆斯（Doug Anmuth）也将SpaceX的股价目标从240美元上调至500美元，预计股价将上涨238%。他评价称：“SpaceX的雄心远超我们见过的任何公司——他们致力于将人类生活扩展到多个星球，利用太阳能为太空中的人工智能项目提供能源，并在月球及其他行星上建立基地和城市。”
Here's what else the Street is saying about SpaceX. JPMorgan: Overweight rating Analyst Doug Anmuth also hiked his price target to $500 from $240, signaling a gain of 238%. "SpaceX's ambitions are bigger than any company's we've seen —to make life multi-planetary, leverage the Sun to build out AI in space, & build bases on the Moon and cities on other planets.
我们认为，没有其他公司比它更有条件去争取合计约28万亿美元以上的预期总可寻址市场。”富国银行：增持评级该行将目标价从214美元上调至274美元，意味着85%的上涨空间。“[我们]认为行业领先的发射能力是核心竞争优势，能够在发射节奏和成本方面带来显著优势，并在各业务板块间加以利用。星链和地面算力销售提供了早期变现途径，而星舰则解锁了轨道算力、宽带连接和面向消费者的直接移动通信等更长期的机会。”
In our view, no other company is as well positioned to go after the combined anticipated TAM of $28T+." Wells Fargo: Overweight rating The bank raised its price target to $274 from $214, implying upside of 85%. "[We] see industry-leading launch capabilities as a core competitive advantage, enabling significant advantages in launch cadence and costs leveraged across business segments. Starlink and terrestrial compute sales provide early monetization, and Starship unlocks longer-term opportunities in orbital compute, broadband connectivity, and direct-to-consumer mobile."
瑞银：买入瑞银将目标价从210美元上调至230美元，意味着55%的涨幅。“SpaceX继续兑现高预期，我们认为这一趋势将持续，因为新的算力交易将在第四季度上线，星舰在飞船和助推器捕获方面取得进展，Grok的性能和产品增强也在继续。我们相信这组资产是独一无二的，随着管理层逐一落实这些目标，将随时间推移创造价值。”
UBS: Buy UBS increased its price target to $230 from $210, implying a gain of 55%. "SpaceX continues to deliver on high expectations and we see the trend continuing as new compute deals come online in 4Q, Starship progresses towards a ship and booster catch and Grok performance and product enhancements continue. We believe the collection of assets is unique and will create value over time as management executes on each of these goals."
花旗：买入花旗将目标价从200美元上调至240美元，预示着62%的涨幅。“我们将SPCX视为一家高度垂直整合的颠覆者，利用其在发射领域无与伦比的能力，在全球连接和超级智能领域建立主导地位。由于该公司的最终优势根植于其能够以比地球上任何其他实体更大的规模和更低的单位成本将质量送入轨道，如果SPCX能在未来约2至3年这个催化剂丰富的时期成功展示关键技术和运营里程碑而不失手，那么我们认为其有实现超过约1万亿美元收入的路径。”摩根士丹利：增持该行维持300美元的目标价，这意味着超过100%的上涨空间。
Citi: Buy Citi hiked its price target to $240 from $200, signaling a 62% jump. "We view SPCX as a highly vertically integrated disruptor leveraging unrivaled capabilities in launch to establish dominant positions in Global Connectivity and Super Intelligence. Because the company's ultimate advantage is rooted in its ability to deliver mass to orbit at greater scale and lower unit cost than any other entity on the planet, if SPCX succeeds in demonstrating key technological and operational milestones in the upcoming, catalyst-rich ~2-3 years without faltering, then we see a path to generating over ~$1 trillion in revenue." Morgan Stanley: Overweight The bank maintained its $300 price target, which points to more than 100% upside.
“按我们新的2028年每股收益9.45美元和盘后价格160美元计算，SPCX的市盈率为15.7倍，低于微软、谷歌和亚马逊等主要AI可比公司，后者的中位数财年2028年同比收入增长率为3.2倍。”美国银行：买入。该行重申了235美元的目标价。“SpaceX已从一家发射公司演变为太空经济的基础性推动者，并因此成为太空应用的领先提供商。我们认为，SpaceX在可重复使用发射和扩散式太空应用方面的广泛护城河，正在为星舰及未来应用推动能力的又一次范式转移奠定基础。”伯恩斯坦：跑赢大市。
"At our new 2028 EPS of $9.45 and the post-market price of $160, SPCX would trade at 15.7x P/E, cheaper than major AI comps including Microsoft, Google, and Amazon with 3.2x their median y/y revenue growth rate in FY28." Bank of America: Buy The bank reiterated its $235 price target. "SpaceX has evolved from a launch company into the foundational enabler of the space economy and the leading provider of space-based applications as a result. SpaceX's extensive moats on reusable launch and proliferated space applications are in our view laying the foundation for Starship and future applications to drive another paradigm shift in capabilities." Bernstein: Outperform Bernstein's $248 price target implies upside of 68% from Tuesday's close.
伯恩斯坦的248美元目标价意味着较周二收盘价上涨68%。“第三季度业绩积极，尽管重要的是前景。……预计到年底，年收入运行率将至少达到1000亿美元，但到2027年底，年收入运行率预计将达到5000亿至1000亿美元，主要由地面计算驱动。该公司现在预计到2026年底将接近2.5至3吉瓦。到2027年底，产能预计将至少达到13吉瓦（可能总计23吉瓦）。该公司表示，定价目前高于马斯克在第二季度给出的每瓦特30至50美元的区间。短期计算合同将继续是重点，以利用不断增长的需求。”高盛：买入。
"Q3 results were positive, although it is the outlook that matters. ... An annual revenue run rate of at least $100bn is expected by year-end, but with now an ARR of $500bn-$1,000 expected by end of 2027 - mostly driven by terrestrial compute. The company now expects to be close to 2.5-3GW by the end of 2026. By the end of 2027 capacity is expected to be at least13GW (and possibly a total 23GW).
该行的245美元目标价意味着上涨空间超过65%。“计算需求似乎大幅超过供应——这一主题支持计算利用率水平和当前环境下每单位计算的总体价格的顺风。”汇丰：持有。该行的目标价为150美元，表明上涨潜力有限。“我们注意到缺乏历史数据和指引。尽管如此，收入为146亿美元，同比增长161%，超出共识预期14%，由三个部门全部推动，但主要由超级智能推动。”
The company said pricing is now tracking above the $30-$50/watt range given by Musk at Q2. Short term compute contracts will remain the focus to take advantage of rising demand." Goldman Sachs: Buy The bank's $245 target implies upside of more than 65%. "Demand for compute appears substantially ahead of supply – this theme supports tailwinds around both compute utilizationlevels and overall price per compute in this environment." HSBC: Hold The bank has a $150 price target, which signals little upside potential. "We note the lack of historical data and guidance. Still, revenues were USD14.6bn, +161% y-o-y, a 14% cons. beat, driven by all three divisions, but mostly by Super Intelligence."