SpaceX stock could climb about 74% to $233 by the end of 2027 in a bullish valuation scenario, even after a run of strong quarterly results that have not pushed the shares much higher. The stock was trading at $134 as of writing, just below SpaceX’s $135 IPO price, leaving investors with a simple question: how much of the future is already built in?
That question is getting attention now because the company just delivered numbers that would usually move a stock. Third-quarter revenue rose 161% year over year to $14.6 billion, net income reached $4.4 billion and diluted earnings came in at $0.35 a share, versus a $1.1 billion loss and a $0.36-per-share loss a year earlier. The pace was not isolated, either. SpaceX’s annual revenue run rate stood at $58.4 billion, while analysts were looking for $48.93 billion in revenue and $0.22 in earnings per share for the current fiscal year.
The bigger jump is in the next year’s numbers. Analysts on average expect revenue to reach $180.37 billion and EPS to hit $4.03, which is the foundation for the valuation case behind the 2027 target. At current levels, SpaceX is trading at about 33.3 times projected 2027 earnings, a multiple that implies the market is already discounting a lot of the growth investors are hoping to see. In other words, the stock has gone nowhere even as the business has accelerated.
The forecast leans heavily on the company’s fastest-growing pieces. Super Intelligence segment revenue soared 830% year over year to $7.6 billion in the third quarter, and the business still had more demand for AI compute capacity than it was willing to rent out. That helps explain why the bullish case assumes continued strength in artificial intelligence, connectivity and Starship progress. It also helps explain why the path is not clean: revenue and earnings growth could normalize after their recent pace, Starship launch cadence might not reach market expectations, and competition across SpaceX’s business is likely to intensify.
That is what makes the $233 target more of a test than a promise. For the forecast to work, SpaceX has to keep converting demand into sales, keep scaling earnings and avoid a slowdown in the operating momentum that powered the last quarter. If 2028 EPS lands near the projected $7.01 level, the bullish math can still hold. If growth cools faster than expected, the shares may stay stuck where they are now, even after a year of headline-grabbing results.
