The simple reason JPMorgan thinks SpaceX will triple: It's going after a $28 trillion market

SpaceX ( SPCX ) is on a roll. After reporting earnings for the second time as a public company — turning a profit and showing massive AI revenue — investors are pouring in, driving a 10% gain on Wednesday and stock upgrades from Wall Street.

One analyst note stood out among a strong field: JPMorgan's massive bull thesis. It's common enough for CEO Elon Musk to bet big on himself. But analyst Doug Anmuth laid out another optimistic case, more than doubling his price target to $500 from $240, implying an upside of more than 200% from Wednesday's price.

The reason? In a sentence: "No other company is as well positioned to go after the combined anticipated [total addressable market] of $28T+," Anmuth wrote in a note after earnings.

In other words, SpaceX is going after everything.

Musk's (current) favorite corporate child has already gone beyond rockets and satellites into telecommunications and a complete chip to data center to Grok vertical integration AI, which has overtaken the rest of SpaceX's operations to become its biggest business by revenue. Alone, these businesses would be huge. Together, they approach a quarter of US GDP.

Just imagine if robotaxi and robotics markets get tacked on to that.

In the corporate world, focus often means success — finding the right product, targeting the right customers, and defining the specific value your firm brings. But when you're a giant tech conglomerate, your lane extends to market conquest. Everything is up for grabs, and the name of the game is planting flags. The space race, the AI race, and even, for Musk, the telecom race and supplanting legacy carriers like AT&T ( T ), Verizon ( VZ ), and T-Mobile ( TMUS ).

All of this makes the Tesla ( TSLA ) angle especially interesting. If SpaceX is already on its way to the moon, why not merge with an EV, robotics, and robotaxi company too? The boards of both companies have formed special committees to explore a tie-up. Yet another reason why Musk's enormous ambitions and SpaceX's promising start as a publicly traded company can prompt such lofty projections.

On the company's earnings call Tuesday, Musk said he projects SpaceX's annual recurring revenue by the end of 2027 to fall "somewhere between $500 billion and $1 trillion." This quarter gave us a hint of where things are going, revealing how, in the span of a few months, SpaceX morphed into a new, AI-forward company. The current quarter and the year ahead might very well show another astonishing leap.

Hamza Shaban is a reporter for Yahoo Finance covering markets and the economy. Follow Hamza on X @hshaban .