SpaceX Wins a Buy Call as Spectrum, Sites and Satellite Launches Stack Up
Published on 10/25/2026 at 11:50 | Editorial boerse-global.de
Phillip Securities handed SpaceX a decisive vote of confidence on Friday, lifting the stock from "Sell" to "Buy" and hoisting its price target to $250 from $75. The upgrade from analyst Glenn Thum gave the shares a 2.1% lift on the day, with the broker pointing to growth and improved prospects following the company's quarterly results.
That endorsement rests on a business that is expanding on several fronts at once — and on a set of regulatory and capital questions that will decide how much of that expansion actually reaches the bottom line.
The quarter behind the call
The numbers Thum is leaning on were reported on Tuesday. Revenue for the third quarter of 2026 climbed 161% year on year to $14.58 billion, according to Reuters, driven by a stronger AI business and the growth of Starlink. Net profit for the same period came in at $4.4 billion, and SpaceX beat analyst expectations on both the top and bottom lines.
Worth keeping separate: those figures describe a quarter that has already closed, while the upgrade is a bet on what comes next. Thum explicitly cited the improved outlook after the earnings release, and the company has given the market plenty to weigh.
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A launch, a site deal and a spectrum bill
Operationally, SpaceX kept its foot on the gas Friday, sending 27 Starlink satellites into orbit aboard a Falcon 9 launched from Vandenberg Space Force Base in California — a reminder of the constellation growth Reuters flagged as an earnings driver.
On the ground, Reuters reported Thursday, citing Bloomberg, that SpaceX is in talks with mobile infrastructure companies including Crown Castle over access to at least 80,000 US cell sites for a possible nationwide wireless network. Those discussions are exploratory, not a completed buildout, and have stirred concern among US telecom carriers about the competitive threat. Talks secure no access; they represent an option, not booked revenue.
The more concrete step came on October 8, when SpaceX agreed to acquire Grain Management's nationwide 800 MHz spectrum portfolio for a reported price of roughly $8 billion. That transaction still needs the green light from the FCC — an agreed purchase is not a granted licence, and investors weighing the buildout should not confuse the two procedural stages with operating scale already achieved.
What the expansion costs
Management has put capital spending at $35 billion to $40 billion, and guided first-quarter 2027 revenue to a range of $33 billion to $37 billion. Strong revenue and a demanding buildout can coexist, which is precisely why both sides belong in the same investment case.
There is a second dimension beyond capacity. Elon Musk said, according to Reuters, that SpaceX had restricted Starlink service in Ukraine, while the country's defence minister said Starlink and Starshield were functioning again at speeds above 400 km/h after more than a week of restrictions. Both the intervention and the reported restoration matter: a working network and an unconditionally available service are not the same thing, and neither a restoration nor the earlier restriction should be read as the whole story. As connections become more critical to their users, the terms on which they remain available become part of the economics — control is not a side effect of the business but a component of its valuation.
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Starship on the runway
Eyes now turn to the next Starship test flight, targeted for November, when Musk said SpaceX aims to catch both the Super Heavy booster and the Starship spacecraft. The city of Brownsville separately announced test activity at the Starbase site for today — an announcement distinct from the planned flight.
Friday's upgrade therefore rests on strong reported results and a pipeline of operational projects. Turning improved prospects into delivered results is the prerequisite the buy call implicitly assumes.
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