Shares of Space Exploration Technologies Corp. (SPCX) are down more than 37% from their record highs this year, but analysts at Evercore ISI remain bullish on the company’s prospects.

According to TheFly, Evercore initiated coverage of SpaceX with an ‘Outperform’ rating and a price target of $230, implying an upside potential of 62% from current levels. The firm believes that the “upside skew is too compelling to ignore.”

Evercore’s latest price target is about $4 above SpaceX’s peak of $225.64, hit on June 16, 2026.

were up nearly 2% at the opening bell on Tuesday.

Why Evercore Is Bullish On SPCX

Evercore’s bullish view on SpaceX is driven by the company's long-term growth potential despite ongoing execution risks.

While acknowledging that the feasibility and timing of some of SpaceX's ambitions remain open to debate, the firm called it “an extraordinary company on a real path to reshaping the future of humanity.”

The firm said there is still “a great deal left to prove out” for SpaceX, but it expects rapid financial growth over the next several years.

Evercore Believes SPCX’s Growth Can Accelerate Rather Than Fade

Evercore believes that SpaceX’s growth can accelerate rather than fade as the decade progresses.

The firm forecasts revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) to compound at annual rates of 106% and 157%, respectively, through 2028, adding that growth could accelerate rather than slow as the decade progresses.

“While one can debate the feasibility of certain ambitions and timelines, we don’t think there’s a debate that this is an extraordinary company on a real path to reshaping the future of humanity,” Evercore said, according to a report by CNBC.

SPCX Will Need To Raise $700B Debt To Fund Its TAM Ambitions, Says Analyst

Morgan Stanley Managing Director Adam Jonas said last week that SpaceX will need to raise $700 billion in debt to fund its $22.7 trillion Total Addressable Market (TAM) ambitions for enterprise AI.

“They won’t be able to raise that unless things are working. For folks that are used to Tesla, it’s going to be one hell of a ride. It’s up to investors to decide if the juice is worth the squeeze,” he said.

However, he also highlighted that SpaceX could face threats from adversaries in space, calling it a “warfighting domain.”

What Retail Traders Think Of SPCX Stock

Retail sentiment on Stocktwits around SpaceX trended in ‘bearish’ territory at the time of writing.

is down 6% year-to-date. The Invesco QQQ Trust (QQQ) and the Invesco NASDAQ 100 ETF (QQQM) are up 29% over the past 12 months.

The Procure Space ETF (UFO) is up 53% during this period, while the Tema Space Innovators ETF (NASA) is up 6%.