Deepwater Asset Management’s Gene Munster says SpaceX investors may be underestimating a consequential week, arguing that its accelerating launch cadence could help Space Exploration Technologies Corp. (NASDAQ:SPCX) stock "more than double from here" if Starship scales toward thousands of annual missions.
Starship Orbital Milestone Opens New Chapter
"This is a bigger week than most investors realize for $SPCX and they’re just scratching the surface," Munster wrote on social media platform X, pointing first to Monday’s Starship Flight 14. The rocket reached orbit for the first time and deployed 26 production Starlink V3 satellites despite engine trouble that shortened the mission. SpaceX CFO Bret Johnsen called it Starship’s first orbital and revenue-generating flight.
According to SpaceX’s listed specifications on its website, each V3 satellite adds about 1 terabit per second of capacity, meaning Monday’s batch adds 26 Tbps. SpaceX says that is roughly 10 times the capacity delivered by one Falcon 9 launch carrying V2 Mini satellites, while a mature Starship could eventually deploy up to 60 V3 satellites at once.
Launch Cadence Becomes Munster’s Key Focus
Munster’s attention now turns to Thursday, when SpaceX has three launches scheduled. Crew-13 will send four astronauts toward the International Space Station from Florida aboard Falcon 9, Transporter-18 will launch 130 payloads from California, and Falcon Heavy is scheduled to fly NROL-97 from Kennedy Space Center.
Munster estimates SpaceX will complete about 170 to 180 missions in 2026. He contrasted that with CEO Elon Musk’s August target of more than 30 Starship launches per day in 2030, or about 10,000 annualized. Munster called 2,200 annual launches by 2030 a more realistic scenario and said reaching "that 2k-plus number" could push the stock to more than twice its current level.
Bullish SpaceX Thesis Extends Beyond Launches
The call extends Munster’s recent bullishness. After Monday’s milestone, he said the market was "underappreciating the significance of the launch," arguing Starship could let SpaceX put satellites into orbit "cheaper and faster."
Munster has also argued that SpaceX’s financial trajectory could outpace consensus. In August, he projected annual revenue could reach $135 billion, above Wall Street estimates, after SpaceX guided to an exiting 2026 revenue run rate above $100 billion.
Price Action: SPCX shares were trading 0.19% higher at $149.52 in pre-market trading on Wednesday.
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