SpaceX SPCX, the rocket-launch and satellite-internet company, landed a fresh Buy rating and a $220 price target from Pivotal Research Tuesday. The stock erased an early advance and hovered near $147.92, leaving the analyst’s target approximately 48.7% above the market price.

Pivotal’s valuation argument places SpaceX near $3 trillion and puts Starship at the center of the upside. The firm assumes the spacecraft could slash launch expenses by as much as 90% and eventually fly roughly 50 missions per vehicle. Its $220 target also sits about 63% above the company’s $135 June IPO price—a rich premium built on enormous operating improvements that remain unproven.

SpaceX calls Starship a fully reusable transportation system, yet it has not completed a commercial mission. The GF Score of just 15 out of 100 reinforces that disconnect: the chart shows weak profitability, growth, momentum and GF Value, with financial strength offering only limited support. Another successful test could move the engineering story forward, but the $3 trillion case ultimately demands fast turnarounds, repeatable flights and paying customers—not simply a rocket that leaves the launchpad.