[Bernstein: SpaceX Ground Computing Power Upgraded to 12.8 GW, Target Price $268] According to DeepFlow TechFlow, Bernstein's research report dated October 26, 2026, indicates that SpaceX's current price is $147.49, with a target price of $268, representing an 82% upside. The report forecasts 12.8 GW of ground AI computing power by the end of 2027, 5 GW more than previously predicted. Third-quarter AI revenue is $7.56 billion, approximately 20% higher than market consensus. Connectivity business operating profit margin is 45%, compared to market consensus of 38%. Bernstein believes that the expansion of ground computing power will first raise the revenue curve, while orbital data centers will determine the long-term valuation ceiling. The report maintains an "Outperform" rating, raising the target price from $248 to $268, with an adjusted EPS forecast of $1.44 for 2027. Whether the ground-based computing power can be powered on on time and whether the price per watt can be maintained at $26 are two key points to verify.