TD Cowen initiated coverage of SpaceX with a Buy rating and a $200 price target, saying leasing AI computing power will drive near-term growth while broader AI and space opportunities develop over time. Analyst John Blackledge said those longer-term opportunities may take longer to appear in financial results. The firm expects SpaceX’s ground-based AI computing business, which includes Google and Anthropic among its customers, to become the company’s fastest-growing revenue stream and largest by the first quarter of 2027. TD Cowen forecasts AI computing-leasing revenue of $14 billion in 2026, $66 billion in 2027 and $133 billion in 2028, representing 35%, about 58% and about 65% of total revenue, respectively. It estimates the business will contribute more than 70% of total incremental revenue in 2027-28. Ground-based capacity is projected to increase from 2.1 gigawatts this year to 6.0 gigawatts in 2027 and 22 gigawatts by 2031, supporting modeled annual revenue growth of 62% from 2026 to 2031 and $297 billion in EBITDA in 2031. TD Cowen also forecasts 107 million Starlink consumer subscribers by 2031, including 10 million in the U.S., while describing enterprise and government connectivity as potentially more attractive opportunities. Blackledge said SpaceX’s low Earth orbit launch capacity may remain unmatched for perhaps a decade and expects launches to approach 1,000 annually by 2031.