One Analyst Said SpaceX Has "Significant Moats" and Just Put a Buy Rating on the Stock. Is He Right?
Key PointsThe company is responsible for about 80% of all rocket launches in the U.S.
Barclays analyst Anthony Valentini recently upgraded SpaceX stock to a buy rating, citing the company's unrivaled launch capacity and significant moats in communications and future AI technologies. While Valentini acknowledges SpaceX's achievements, such as its largest rocket and successful launches, he believes the stock isn't a buy at its current price.
This is due to two main factors: SpaceX's accelerating capital expenditures and the company's high valuation. In the first half of 2026, SpaceX spent $28.5 billion on capex, a 309% increase from the same period in 2025, with over 80% of the spending focused on AI investments. Yet, AI returned only $3.4 billion in revenue during the same period, far less than the high costs.
Additionally, SpaceX's stock price is significantly higher than the tech sector average, with a price-to-sales ratio of 68, making it an expensive investment compared to its peers. Despite these concerns, Valentini still sees potential for SpaceX to maintain its leadership in rocket launches and expand into wireless communications and AI data centers.
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