Goldman’s $230 SpaceX Call: When Wall Street Decides a Rocket Company Is Really a Chip Buyer

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(SeaPRwire) –   By: Logan Pierce

The real story isn’t that Goldman moved a price target from $220 to $230. It’s that a space company trades at 137x next-twelve-month earnings while asking Wall Street to buy the compute narrative. SpaceX closed at $167.60 on Wednesday after a 2% pullback from recent highs. Goldman’s new $230 target sits above the all-time high of $225.64 set on June 16, just days after the record-breaking IPO. The stock traded as low as $104.83 in early August. Back then, the original $220 target looked like hope rather than forecast. Goldman raised it while the stock still trades well below the line. That’s a different signal now. What looks like analyst conviction is narrative credibility catching up to the business reality that a space company can also be a compute buyer.

The Financial Times reported SpaceX is raising $40 billion to buy Nvidia chips. The split is $10 billion in bank loans and $30 billion in investment-grade debt. That’s not small financing for a company with a recent IPO. Investment-grade ratings suggest credit markets already treat Starlink cash flows as bankable infrastructure revenue. Cramer noted SpaceX rents spare compute to Anthropic and Alphabet’s Google. The company also runs Starlink, reusable rockets, and data center ambitions under one corporate roof. Cramer said Elon Musk could put those chips to work immediately. At this procurement pace, SpaceX could become Nvidia’s largest customer. The compute story is the bull case, and the balance sheet is getting built for it.

Morgan Stanley’s Adam Jonas set a $300 target with an overweight rating. Jonas called the stock unusually cheap once chipmaking and power opportunities are factored in. Goldman kept its buy at $230. Both houses agree on direction. Jonas is essentially saying Goldman is still too cautious. The Relative Strength Index sits near 64, pointing to steady buying interest without overbought warnings. MACD remains above its signal line, keeping the short-term trend tilted higher. But $170 remains a technical ceiling. The ascending triangle from the August low near $105 is intact. The breakout above that resistance hasn’t happened yet. Both analyst targets are aspirational until the chart confirms them. The gap between $230 and $300 is where conviction separates from fantasy.

Cramer’s Tesla comparison carries weight, but the analogy has a catch. Tesla resolved product margin compression into scale economies over years. SpaceX’s compute story depends on chip availability, not product iteration cycles. Nvidia’s largest-customer claim would require sustained procurement at a scale that reshapes data center chip allocations. Other hyperscalers won’t stand idle. Microsoft, Meta, and Amazon face the same inference compute shortage. If SpaceX becomes Nvidia’s biggest buyer, the rest of the cloud tier gets squeezed on supply. That’s a chain reaction, not just a SpaceX story. The market structure around inference compute would shift, and other data center operators would feel the squeeze. The compute arms race just found a new player with deep pockets and no traditional cloud overhead.

Cramer still won’t add SpaceX to his Charitable Trust portfolio. He calls it too speculative for that allocation. That’s fair enough, even if his Investing Club already holds Nvidia as a core position. Overnight trading showed SPCX up 0.27% to $168.05 after Wednesday’s session. The market is watching the $170 resistance zone closely. A clean break above that level opens the path toward the $225.64 all-time record and Goldman’s $230 target. Until it breaks, the stock is range-bound in a pattern that rewards patience more than conviction. Cramer said the company’s progress is making its potential feel more real by the week, but feeling real and being priced in are different things. Nvidia, which Cramer’s club already holds, would benefit from a bigger compute deal regardless of SPCX’s price action.

If SpaceX can’t clear $170 before the next earnings cycle, Goldman’s $230 target stays a thesis on paper rather than a price action signal.

Author bio: Logan Pierce, an independent business researcher and corporate governance writer on Medium specializing in capital markets analysis and technology industry dynamics.