Bernstein: SpaceX ground-based compute raised to 12.8 gigawatts, price target $268

according to Chaotiangyanjiu, a Bernstein research report dated October 26, 2026 states that SpaceX is currently trading at $147.49, with a price target of $268, implying an upside of 82%; terrestrial AI compute capacity by the end of 2027 is projected at 12.8 gigawatts, an increase of 5 gigawatts over previous forecasts; AI revenue for the third quarter stands at $7.56 billion, approximately 20% above market consensus; and the operating margin for its connectivity business is 45%, compared to a market consensus of 38%.

In Bernstein's assessment, the expansion of terrestrial compute will boost the revenue curve first, while orbital data centers will determine the long-term valuation ceiling. The report maintains an Outperform rating and raises its price target from $248 to $268, with a 2027 adjusted earnings per share (EPS) forecast of $1.44. Two key validation points will be whether terrestrial compute can be powered on schedule and whether the price per watt can hold at $26.