Pivotal Research initiated coverage of SpaceX (SPCX) with a Buy recommendation and a $220 per share price target. The firm’s investment case rests almost entirely on Starship completing 20 to 50 flights per vehicle with relatively inexpensive refurbishment and rapid redeployment. Analyst Jeffrey Wlodarczak described that reusability threshold as the central engineering bottleneck, making the stock’s outcome highly dependent on whether SpaceX can solve it. SpaceX is valued at roughly $2 trillion, while its shares were up 0.34% at $148.45 at the time of publication. Benzinga data put the broader analyst price-target average near $226, compared with an earlier consensus estimate of $221.20. Roughly 319 million shares are set to become unlocked on Wednesday, creating a potential near-term supply overhang. Existing coverage said the lockup expiration was scheduled for September 9. Starship has been deployed 13 times, including eight successful launches, but no vehicle has yet been reused. If SpaceX achieves economical rapid-turnaround reuse, Pivotal sees lower launch costs and expansion opportunities across Starlink, orbital computing, hyperscale customers, defense and other space-related markets; failure would leave the company materially smaller than the bullish valuation case assumes.