Evercore ISI’s Kutgun Maral kept a $230 target and Outperform rating for SpaceX, saying GPU expansion could lift 2027 revenue and EBITDA above Wall Street estimates. He cited Elon Musk’s post reporting 780,000 GPUs online at Colossus 1 and 2.
Maral said Musk’s post also indicated SpaceX expects at least two, possibly three, 220,000-GPU GB300 tranches by year-end. He estimated the additions would raise compute capacity to about 2.3 gigawatts with two tranches or 2.7 gigawatts with three, above the 2.1-GW consensus. He said second-half 2026 capital-spending estimates would need to rise; 2027 revenue and EBITDA could exceed forecasts if current compute deals are maintained or extended and pricing remains healthy. His 2027 view did not credit SpaceX’s ambition to reach the upper end of a 5–10-GW compute-capacity range by year-end 2027; Street estimates 5.9 GW.
Separately, SpaceX put Starship into Earth orbit for the first time that day and deployed all 26 Starlink V3 satellites aboard. Maral said some investors remain cautious pending evidence that Starship can prove reusability and ramp quickly, clarity on terrestrial-compute rollout, allocation and pricing, and signs orbital compute and Starlink mobile are feasible. He argued terrestrial-compute execution and the Colossus ramp were not getting enough credit.
