The investment firm recently initiated coverage of SpaceX with an Outperformrating and a $239 price target, highlighting four major factors that could shape the company's future valuation. Its forecast assumes SpaceX will complete around 3,600 launches in 2031, a target that requires full reusability of both Starship stages. Despite engine issues during Launch 13 on July 20, Bernstein expects reusable booster operations to become a reality over time. Another major challenge is securing enough semiconductor capacity to support SpaceX’s satellite ambitions. SpaceX has not yet received clearance for orbital Starship flights, although the FAA has signaled a willingness to ease certain launch restrictions.