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Pivotal Research Group's Jeffrey Wlodarczak initiated SpaceX with a Buy rating and a $220 price target, arguing that the company's roughly $2 trillion valuation stands or falls on proving full Starship reusability, with 20-50 flights per vehicle plus sharply lower refurbishment cost and turnaround time. The call concentrates almost the entire investment case in a single binary engineering milestone, which is the classic profile of a high-beta private-market growth asset: valuation marks flow through to venture and pre-IPO portfolios, secondary-market SpaceX pricing, and sentiment across the broader space and satellite complex rather than through cash-flow multiples. Watch actual Starship reflight cadence and per-launch refurbishment metrics as the confirmation condition, since repeated turnaround failures would force a down-mark of the $2 trillion anchor and cool risk appetite for late-stage private tech valuations.
As a Research signal, confirm the link to liquidity, rates, policy timing, and price reaction before drawing a trading conclusion.
Original Source: 블록미디어
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