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Bank of America maintains a target price of $235 for SpaceX, which is approximately 87.5% higher than the reference price after the earnings report

Bank of America reiterated its "Buy" rating on SpaceX after the earnings report, maintaining a target price of $235, which is approximately 87.5% higher than the reference price of $125.33 after the earnings report. Bank of America believes that its bullish logic is no longer primarily based on the rocket launch business, but rather on the AI infrastructure business.Bank of America expects SpaceX's AI business revenue to approach $24.5 billion by 2026, accounting for more than half of the company's total revenue forecast. Meanwhile, the collaboration with Anthropic has been contributing revenue since May of this year, and the computing power collaboration with Google is expected to start in October this year. As a result, Bank of America has raised its performance forecasts for the next few years: the revenue forecast for 2026 has been raised by about 15% to $46.9 billion; the revenue forecast for 2027 has been raised by about 29% to $100.7 billion; the revenue forecast for 2028 has been raised by about 29% to $184.8 billion.However, Bank of America also expects that as capital expenditures continue to expand, SpaceX will still maintain large negative free cash flow in the coming years. It estimates: free cash flow of -$43.6 billion in 2026; -$45.4 billion in 2027; and -$37.4 billion in 2028.

Bernstein reiterates optimism for Circle: Q2 performance alleviates concerns over stablecoin competition, maintains target price of $140

According to The Block, research firm Bernstein reaffirmed its "Outperform" rating and maintained a target price of $140 after Circle announced its Q2 2026 financial results, believing that the company's latest performance constitutes a "reverse validation" of the market's bearish views. Bernstein analysts stated that the market currently underestimates USDC's long-term growth potential and Circle's advantages in distribution channels, liquidity, and regulatory compliance, due to two major core concerns regarding Circle—intensifying competition in stablecoins and changes in the interest rate environment that may affect reserve income.Investors may not have fully accounted for the future revenue opportunities from transaction fees, partner ecosystems, and the Arc blockchain that Circle could generate. The firm specifically pointed out that several infrastructure initiatives recently advanced by Circle, including obtaining a national trust bank license in the U.S., expanding the Circle Payments Network, and the planned launch of the Arc public chain mainnet on September 16, could all become future growth drivers. Additionally, Bernstein noted that Circle has raised its guidance for other revenues and profit margins after deducting distribution costs for 2026, expecting to confirm approximately $180 million in Arc token presale revenue.Analysts believe that future staking yields, gas fees, and ecosystem partnership revenues from Arc have not been fully reflected in current valuation expectations. As of the end of Q2, the circulating supply of USDC was $73.3 billion, a decrease of 5% from the previous quarter but an increase of 19% year-over-year. Bernstein believes that Circle is shifting from a purely crypto trading infrastructure to payments, real-world asset (RWA) tokenization, and broader financial infrastructure, which will drive USDC into the next phase of growth. Circle's stock closed at $63.28 on Wednesday, and Bernstein's target price of $140 implies a potential upside of about 121%.

Analysis: The market digests SpaceX's selling pressure, the release of stocks worth hundreds of billions of dollars has landed, but the stock price has not seen a significant drop

According to Bloomberg, SpaceX's stock performed relatively steadily on Thursday, following the expiration of a lock-up agreement that restricted insiders from selling shares, involving the release of approximately 911.5 million shares, valued at about $100 billion based on current estimates.Trading data shows that SpaceX's stock price fluctuated within a range of less than 3% in the early morning, as the market digested the potential selling pressure from this large-scale share release. In the first 30 minutes after the market opened, the trading volume approached 93 million shares, accounting for about 40% of the total trading volume from the previous trading day.This release occurred shortly after SpaceX's first financial report was published. Previously, due to concerns from investors about the company's investment in artificial intelligence being higher than expected, SpaceX's stock price had dropped by about 14%. However, most Wall Street analysts still maintain a long-term optimistic view of the company.The market's focus includes SpaceX's future investment plans in AI, satellite internet, and mobile communications. Although facing short-term capital expenditure pressures, analysts believe that the company's leading position in rocket launches, the Starlink satellite network, and the commercial space sector remains an important factor supporting its long-term valuation.This stock release, valued at approximately $100 billion, has also become an important event for the market to test investor confidence after SpaceX's listing. The stock price did not experience significant fluctuations, indicating that the market had certain expectations regarding the liquidity release for internal shareholders.
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