Bernstein maintains SpaceX's “outperforming the market” rating and $248 price target, and continues to be optimistic about the long-term growth of Starlink's broadband business. The agency estimates that the number of Starlink residential broadband subscribers will reach about 168 million in 2031, and broadband revenue for consumers and small businesses is about $64 billion, which is slightly lower than the previous estimate of $66 billion. Bernstein pointed out that the number of Starlink broadband users has roughly doubled every year for the past four years, and it is expected to continue this growth rate this year. The calculation assumes that Starlink has basically occupied satellite broadband users in the market and continues to seize share from non-fiber-optic broadband such as fixed wireless, cable, and DSL, while covering some households that are not connected yet. Based on the faster progress of short-term network construction, Bernstein also narrowed SpaceX's 2026 loss forecast from $0.20 to $0.19, and raised the 2027 earnings per share forecast from $1.30 to $1.37.

Bernstein maintains SpaceX's “outperforming the market” rating and $248 price target, and continues to be optimistic about the long-term growth of Starlink's broadband business. The agency estimates that the number of Starlink residential broadband subscribers will reach about 168 million in 2031, and broadband revenue for consumers and small businesses is about $64 billion, which is slightly lower than the previous estimate of $66 billion. Bernstein pointed out that the number of Starlink broadband users has roughly doubled every year for the past four years, and it is expected to continue this growth rate this year. The calculation assumes that Starlink has basically occupied satellite broadband users in the market and continues to seize share from non-fiber-optic broadband such as fixed wireless, cable, and DSL, while covering some households that are not connected yet. Based on the faster progress of short-term network construction, Bernstein also narrowed SpaceX's 2026 loss forecast from $0.20 to $0.19 and raised the 2027 earnings per share forecast from $1.30 to $1.37.