Raymond James just delivered one of Wall Street’s most bullish takes on SpaceX, and crypto investors are taking notice.
What happened
- The brokerage initiated coverage of SpaceX’s newly listed ticker SPCX with a Strong Buy and a Street-high $800 price target — roughly a 440% upside from recent trading around $153. The call lifted momentum in the stock, which was up about 3.2% after a rough stretch that saw shares fall more than 25% from recent highs despite the company’s Nasdaq-100 listing.
Why Raymond James is so bullish
- Raymond James points to three long-duration growth engines: the Starship heavy-launch program, the expanding Starlink satellite internet network, and SpaceX’s potential to operate as a global infrastructure powerhouse through launch and communications services. The firm sees those assets combining to justify a very high long-term valuation.
How other banks stack up
- Several major firms have also started coverage with positive views, but much lower targets:
- Morgan Stanley: Overweight, $300 base / $600 bull
- Goldman Sachs: Buy, $205 target
- Citigroup: Buy, $200 12-month target
- UBS and Wells Fargo: positive coverage
Raymond James’ $800 target stands out as the most aggressive of the group.
Operational and product headlines
- Starlink expansion: SpaceX filed with the FCC for permission to deploy as many as 100,000 third-generation Starlink satellites — a massive buildout that would accelerate global connectivity and support AI use cases if approved.
- Launch cadence: SpaceX reported a record pace, deploying 1,589 Starlink satellites in the first half of 2026, topping last year’s first-half record of 1,489.
- AI push: SpaceXAI plans to roll out Grok 4.5 to the public, tying the company further into Elon Musk’s broader AI ecosystem.
Crypto connections investors care about
- Bitcoin holdings: Arkham Intelligence data show SpaceX still controls roughly 18,712 BTC (about $1.16 billion) and another receiving wallet with 614 BTC (~$38 million). A wallet linked to the company moved $88 worth of BTC on July 8, ending six months of on-chain dormancy — a small but attention-grabbing activity for crypto watchers.
- Ark Invest activity: Cathie Wood’s Ark Invest increased exposure to SPCX, purchasing 153,084 shares across ARKK, ARKQ and ARKX ETFs — a roughly $22.7 million buy at SpaceX’s then-closing price of $148.30.
The caveats
- Despite the flurry of bullish analyst calls and operational milestones, skeptics warn that much of SpaceX’s upside may already be priced in. The company’s first public earnings report will be a crucial data point for assessing whether these lofty forecasts are realistic.
Bottom line
Raymond James’ $800 target has reignited debate over how to value SpaceX: visionary infrastructure and rapid execution versus steep expectations baked into the stock. For crypto investors, the story remains twofold — a space-and-infrastructure growth narrative that supports long-term upside, plus a meaningful on-chain and treasury angle tied to Bitcoin holdings and ETF-level flows. The next catalysts to watch: FCC action on Starlink Gen3, upcoming earnings, and any further institutional or on-chain moves.
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