Raymond James, the Florida‑based wealth manager that helped launch SpaceX’s IPO, has lifted the rocket firm to a Strong Buy rating and set a new $800 target. The figure implies a market cap north of $10tn, eclipsing Apple, Nvidia and the combined size of the French, German and UK equity markets.

The analysts base the target on a 2031 revenue projection of $837bn and EBITDA of $696bn, a leap from today’s $18.7bn revenue and a $4.9bn loss. They argue Starship’s 99% cost cut and payload boost will unlock a $30tn total addressable market.

Starship turns orbital launch into a high‑frequency, low‑cost network, similar to rail or internet rollouts. SpaceX’s own ladder—Falcon funds Starlink, Starlink funds Starship—creates a self‑sustaining capital engine that can underwrite the next platform.

For investors, the upside is huge, but the road to $10tn is fraught with regulatory scrutiny, supply‑chain pressure and competition from other launch providers. Market watchers should monitor launch cadence, launch‑price declines and the pace at which Space simulator infrastructure scales.