Seeking Alpha raises SpaceX rating after Starship progress and Q3 EPS turnaround

Rating upgrade and key catalysts

Seeking Alpha reports that Space Exploration Technologies Corp., or SpaceX, was upgraded to Buy. The article says the move was based on several developments: Flight 14 success, a reversal in fiscal third-quarter earnings per share, and scaling of the Starship program.

Q3 2026 financial turning point

According to Seeking Alpha, SpaceX’s fiscal third quarter of 2026 marked an important shift because the company recorded a positive EPS reversal after prior losses. The article presents this as a notable change in the company’s financial trajectory.

Starship expansion and launch filings

The report says the Starship program is accelerating, with regulatory filings supporting as many as 456 launches each year. Seeking Alpha says this scale-up is intended to back aggressive expansion plans for Starlink and other ambitions.

Valuation outlook and open question

Seeking Alpha says expected EPS growth, together with rapid execution, could lead to substantial multiple compression. In the article’s view, that could bring SpaceX’s forward price-to-earnings ratio down to about 26 times over the next two to three years. The article does not add further detail on how that path would be achieved beyond the projected growth and execution.