Goldman Sachs Initiates Coverage on SpaceX, Buy Rating, Target Price $205

According to TechFlow Research, Goldman Sachs initiated coverage of SpaceX (SPCX) on July 7, assigning a Buy rating with a 12-month price target of $205. The report breaks down SpaceX into three major businesses: Space, Connectivity, and AI, including launch capacity accounting for over 80% of global mass delivered to orbit, Starlink broadband users expected to reach 96.2 million by 2030, and AI compute capacity expanding from 2 gigawatts to 36 gigawatts (including 26 gigawatts of orbital compute). The core advantage is vertical integration, with self-developed rockets, self-built data centers, and self-trained models; the launch cost per kilogram for Falcon 9 is more than 85% lower than the industry average. Goldman Sachs estimates that from 2026 to 2030, SpaceX will need to issue approximately $270 billion in debt cumulatively, with free cash flow expected to turn positive in Q4 2030.