The sky’s the limit for Space Exploration Technologies Corporation stock, or SpaceX (NASDAQ: SPCX). Possibly even higher, according to some analysts. They seem to think its shares have the potential to go as stratospheric as its rocket ships.

SpaceX took off like a rocket after its record-breaking IPO on 12 June, then came crashing down almost as quickly.

Today, Elon Musk’s interplanetary operation trades around $144, just above its opening price of $135. It’ll take time to find its true value. We’re all waiting to see what happens as those early-stage investor lock-ins expire. Will they sell, or hold on for the ride?

A starry US tech stock

One analyst isn’t waiting. Raymond James slapped an $800 price target on SpaceX shares. That’s a longer-term target based on what analyst Brian Gesuale believes it could become.

Even so, it’s quite astonishing. If SpaceX did eventually hit $800, the company would be worth around $10.5trn. That’s more than five times its IPO valuation.

Even Elon Musk might question this

Gesuale argues that SpaceX is one of the defining industrial infrastructure companies of the 21st century, sitting at the intersection of AI, space and communications. Unsurprisingly, he rates the stock a Strong Buy. He’s not alone. Out of 41 brokers, 28 say the same. Another three call it a Buy. Only three say Sell.

The consensus one-year price target is $225. If correct, that’s an increase of more than 57% from today. Not quite a 455% increase, but still pretty handy. The lowest forecast was $75. SpaceX is all a bit mind-boggling, so I decided to ask ChatGPT for its views.

Its verdict on that $800 target? “It’s possible. But it’s also more than double Nvidia’s market value and would make it the world’s biggest publicly traded company by some distance.”

The chatbot sees reasons to be bullish. “SpaceX has already built a hugely successful rocket-launch business, while Starlink is creating a global satellite communications network. Now the company is betting heavily on AI and data centres in space, bringing two of the biggest investment themes of our time under one roof.”

Inevitably, there are plenty of risks. SpaceX is spending enormous sums on expansion, and its AI ambitions require vast amounts of capital. “Investors are effectively paying today for a future that still has to be built,” ChatGPT said.

It’s a stunning opportunity

The problem with that $800 target is that it requires SpaceX to execute spectacularly well across several enormous markets at once. A lot has to go right for Elon Musk. There’s an awful lot resting on one man’s shoulders.

Like its rockets, SpaceX shares are likely to have spectacular launches, explosive failures and plenty of lessons learned. For better or worse, it could define the 21st century.

I’m worried about the AI bubble, like everyone else. I’m also worried about inflation, as higher interest rates could sink sentiment towards growth stocks like this one. But I think SpaceX is worth considering on the dips. Investors must accept an interstellar level of risk though. I’d balance it by buying top FTSE 100 shares. I can see plenty out there.

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Harvey Jones holds shares in Nvidia.