Bernstein released a research report maintaining its “Outperform” rating on SpaceX with a price target of $239, representing an upside potential of approximately 113% from its July 30 closing price of $112.20. The report notes that the market should not overinterpret SpaceX’s first-ever earnings report, scheduled for release on August 4, but should instead focus on the core logic determining the company’s long-term valuation—whether the orbital AI data center will ultimately become a reality. Bernstein believes that whether Starship can achieve rapid and full reusability is a key variable, and expects SpaceX to conduct approximately 3,600 Starship launches annually by 2031. The report also notes that semiconductor production capacity and regulatory approvals are two major practical challenges, but the technical feasibility of the orbital AI data center—such as heat dissipation, power supply, latency, and micrometeoroid risks—is not the biggest obstacle.