$SpaceX(SPCX.US)

Bullish on SpaceX. Target price stands at USD 190 per share, corresponding to an estimated market capitalization of roughly USD 2.5 trillion, with a 12-month holding horizon.

Core supporting thesis: As SpaceX’s core profit engine, Starlink notched over USD 4.4 billion in operating profit in 2025, with global paid subscribers topping 10 million and steadily improving cash flow. Backlogs from NASA and the U.S. military exceed USD 22 billion, forming a solid long-term revenue buffer. Mass production of Starship is expected to further cut launch costs by 80%, unlocking long-term growth upside in space cargo and in-orbit computing.

Hedging strategy: Pair the position with a 10% allocation to a traditional aerospace and defense ETF to hedge against R&D underperformance risks, and limit the single-stock exposure to no more than 8% of total portfolio capital.