TD Cowen says SpaceX poised for a comeback after recent struggles

Investment bank TD Cowen has told investors that SpaceX is positioned for a comeback following a period of struggles, according to a report by CNBC.

The bank's analysts said growth in the artificial intelligence and space industries would likely drive gains for the company, framing SpaceX's prospects as tied to broader momentum in both sectors rather than to any single near-term catalyst.

CNBC's report did not detail the specific setbacks TD Cowen was referring to, nor did it disclose a price target, a valuation figure, or the precise investment vehicle through which the bank suggested investors could gain exposure to SpaceX, which remains a privately held company.

SpaceX, founded by Elon Musk, has become one of the world's most valuable private companies through its Falcon rocket launches, Starship development program and Starlink satellite internet business, and it has increasingly been discussed by analysts in the context of the broader boom in AI-related infrastructure spending, including data centers and satellite connectivity.

Because SpaceX shares are not publicly traded, retail investors typically cannot buy them directly on an exchange; access has generally come through secondary markets, employee share sales, or investment funds that hold stakes in the company, none of which were detailed in the CNBC report.

TD Cowen's assessment adds to a wider debate among analysts and investors about how AI-driven demand is reshaping valuations across the space and satellite sector.