SpaceX's soaring valuation may depend less on its satellite internet business or artificial intelligence ambitions than on whether it can make one rocket fly again and again. Pivotal Research believes Elon Musk's company can solve that engineering challenge, and the firm sees substantial upside for investors if it does.
The research firm initiated coverage of SpaceX with a buy rating and a $220 price target, compared to $150 on Tuesday at 10:43 a.m ET. The call, reported by CNBC, rests on the belief that Starship can become a rapidly reusable launch system capable of transforming the economics of space transportation.
