The simple reason JPMorgan thinks SpaceX will triple: It's going after a $28 trillion market

SpaceX (SPCX) is on a roll. After reporting earnings for the second time as a public company — turning a profit and showing massive AI revenue — investors are pouring in, driving a 10% gain on Wednesday and stock upgrades from Wall Street. One analyst note stood out among a strong field: JPMorgan's massive bull thesis. It's common enough for CEO Elon Musk to bet big on himself. But analyst Doug Anmuth laid out another optimistic case, more than doubling his price target to $500 from $240, implying an upside of more than 200% from Wednesday's price. The reason? In a sentence: "No other company is as well positioned to go after the combined anticipated [total addressable market] of $28T+," Anmuth wrote in a note after earnings.