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Nicholas Owens

Morningstar
First call on the ledger

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Where they stand

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BearSpaceX 2026-07-16
Reaffirming his pre-IPO $62 fair value with SpaceX at ~$133 (down 40% from peak, below the $135 IPO price). Bull case worth $130-160 has 'only a 7% chance' @3:10; medium case ~$71 @3:21. On whether the stock keeps falling into lockup expiries: 'I think that seems likely' @5:52 (teaser duplicate of that exchange at 0:00). Street consensus he rebuts: 27 of 31 buys, $242 average target.
“I have a discounted cash flow model. We have forecasts out to 2045. We're discounting those today. So we're saying these shares are fundamentally worth $62 today, again, probability weighted.”
BullSpaceX leaning · 2026-07-16
Despite his $62 fair value he expects a strong first public earnings print ('earnings August something, August 8th or 9th' @4:29), citing 'those rental agreements with Anthropic and Google... pretty nice chunks of revenue at low marginal cost' @10:38. On the full-year stock path he stays neutral: 'Honestly, I think it could go either way' @9:47, since 'there has to be more demand than supply for the stock to go up' @11:22.
“I expect the quarterly report to be glorious. We have pretty good growth rates for even for 2026.”

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