HSBC Started Covering SpaceX With a $115 Price Target 5, along with a conclusion that the price already reflects much of the company's long-

HSBC built its valuation as a sum of the parts, adding up what it believes SpaceX's businesses are worth. Then it did something unusual. It applied a 2x premium to account for CEO Elon Musk's track record of commercializing disruptive technologies. In other words, the bank built a 2x innovation premium into its sum-of-the-parts math, on the theory that Musk has repeatedly built industries where none existed.

Even with that premium, the answer came back at $115, along with a conclusion that the price already reflects much of the company's long-term growth potential -- including continued expansion of Starlink, rising launch activity, and the development of its artificial intelligence initiatives. The bank did sketch a friendlier picture. Its most optimistic scenario, which assumes the Starship rocket becomes commercially viable starting in 2027 and launch capacity doubles, values the stock at $293 per share. But that's the ceiling case, not the expectation.

https://finance.yahoo.com/markets/stocks/articles/hsbc-just-started-covering-spacex-232800998.html