Dan Ives' SpaceX Bull Case Comes Down to One Number: Less Than 1%

Space Exploration Technologies Corp. (NASDAQ: SPCX ) has already become one of the world’s most valuable public companies, but Wedbush analyst Dan Ives believes its biggest growth story can be summed up in one surprisingly small number. Less than 1%. That’s how much of the global telecom and broadband market Starlink has penetrated, according to Ives, despite growing to roughly 12 million subscribers with an average revenue per user of about $66 across its consumer and enterprise offerings. For Ives, that isn’t a sign of maturity—it’s evidence that SpaceX’s largest business is still in its earliest stages. The Starlink Opportunity Initiating coverage on SpaceX with an Outperform rating and a $190 price target, Ives argued that Starlink remains the company’s primary profitability engine thanks to its recurring subscription revenue. Read Also: Dan Ive...