Pivotal Research initiated Space Exploration Technologies (NASDAQ:SPCX) at Buy with a $220 year-end 2027 price target. The forecast implies approximately 49% upside from SpaceX’s September 4 closing price of $147.95.

Lead analyst Jeffrey Wlodarczak’s case rests on one milestone: proving each Starship can fly 20 to 50 times with inexpensive, rapid refurbishment. Pivotal estimates successful reusability could reduce launch costs by more than 90%.

What Must Happen for SpaceX Stock to Reach $220

Cheaper launches would help SpaceX expand Starlink, deliver cargo, and pursue orbital data centers that are uneconomical under existing launch costs. Pivotal expects annual revenue to climb from $46.6 billion in 2026 to $118.2 billion in 2027, while…