SpaceX Stock Just Scored a New 'Buy' Rating. Here's Why.

Wajeeh Khan

Fri, August 7, 2026 at 11:15 PM GMT+3 2 min read

SPAX.PVT

SpaceX (SPCX) shares have pushed higher in recent sessions, but a senior Argus Research analyst, Steve Silver, believes they are poised for further gains ahead. Silver upgraded SPCX this morning to "Buy" and maintained his price objective at $160, indicating potential upside of more than 25% from current levels.

His bullish call brings a much-needed reprieve to SpaceX stock, which has been in a sharp downtrend since June 16. At the time of writing, it's trading well below its year-to-date high.

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What Made Argus Research Upgrade SpaceX Stock?

In his research report, Silver downplayed capex concerns tied to SPCX shares, saying he's "encouraged by rapid payback on these investments, given robust growth in computing capacity." He remains convinced that the company's AI-focused corporate strategy will yield outsized returns over the long term.

Silver's note arrives on the heels of SpaceX's second-quarter earnings release, featuring a 92% year-over-year increase in revenue to $7.81 billion. Its per-share loss of $0.09 also came in much narrower than expected.

On Friday, SPCX ripped through its 20-day moving average (MA), reinforcing that bulls are beginning to take back control for the near term.

SPCX Shares' Valuation Is More Palatable Now

Silver acknowledged a six-fold increase in capex and lockup expirations as headwinds for SpaceX shares but said: "strong Q2 performance and robust growth outlook mitigate these factors."

Specifically, the Argus analyst forecasts a more than 100% increase in the company's revenue this year, which he believes will be doubled again in 2027.

Crucially, the massive sell-off in SPCX since mid-June has meaningfully compressed its valuation multiple, which makes it even more attractive as a long-term holding, he added.

Note that famed investor and former hedge fund manager Jim Cramer also recently told investors to buy SpaceX "for their kids."

Wall Street Remains Bullish on SpaceX

Interestingly, Argus Research remains one of the more conservative Wall Street firms on billionaire Elon Musk's space infrastructure and AI behemoth.

The consensus rating on SPCX stock sits at "Moderate Buy," with the mean price objective of nearly $223 indicating potential upside of roughly 70% from current levels.