• Dan Ives launched coverage of SpaceX with an Outperform rating and a $190 price target, positioning the company as a potential AI infrastructure leader.
  • Ives announced plans to launch a new AI-focused merchant bank that combines research, advisory, investing, and capital raising.
  • The initiation marks Ives' departure from Wedbush after eight years, signaling a significant shift in analyst coverage for the privately held aerospace giant.

Dan Ives, the well-known tech analyst, ended his eight-year tenure at Wedbush by initiating coverage of SpaceX with an Outperform rating and a $190 price target. In a note to clients, Ives emphasized SpaceX's evolution from a launch provider to a leading AI infrastructure company, driven by its launch cadence, Starlink satellite network, and growing data-center ambitions. "SpaceX sits at the intersection of aerospace and AI infrastructure, with Starlink and its launch business forming the backbone of a new compute paradigm," Ives wrote.

The price target reflects Ives' view that SpaceX's core businesses—launch services, Starlink broadband, and potential orbital data centers—could generate significant value as AI demand surges. He sees the company's vertical integration and rapid innovation as key advantages. "The ability to launch frequently and at scale gives SpaceX a unique edge in deploying the space-based infrastructure needed for AI workloads," he added.

In a separate announcement, Ives revealed plans to launch a new AI-focused merchant bank that blends research, advisory, investing, and capital raising. The boutique firm, to be named Ives AI Partners, aims to "bridge the gap between Wall Street and the AI revolution," according to a statement. The move underscores Ives' conviction that AI infrastructure represents a generational opportunity, with SpaceX as a central player.

Industry observers note that Ives' departure from Wedbush and his bullish SpaceX call come amid a flurry of analyst initiations on the company. Other firms, including KGI, Oppenheimer, and Wolfe Research, have also launched coverage with price targets ranging from the mid-$100s to the low-$300s, reflecting divergent views on SpaceX's trajectory. The dispersion highlights the high-stakes nature of SpaceX's AI bet, which hinges on technical milestones, regulatory approvals, and capital markets access—including a potential IPO.

"Dan Ives is making a bold bet that SpaceX will become an AI infrastructure powerhouse," said a person familiar with the matter. "But the company still faces significant execution risks, from scaling Starlink to proving orbital data centers are viable."

Attempts to reach SpaceX for comment were unsuccessful.

Correction: An earlier version of this article misstated Ives' tenure at Wedbush. It is eight years, not seven.