The first Wall Street firms are out with their SpaceX recommendations. Here’s what they’re saying
Two Wall Street firms initiated coverage on SpaceX , as Elon Musk’s company gets ready to launch its public markets debut at the Nasdaq on Friday. Oppenheimer initiated coverage with an outperform rating and a 12- to 18-month price target of $190. That implies a gain of 40% from its IPO price of $135 . In a Thursday note, analyst Timothy Horan wrote that the company’s diversified portfolio makes it attractive for investors. “We see potential for SPCX to leverage terrestrial compute expertise as a bridge (and possible back-up plan) to enable key scale and cost advantages. We see it as the only vertically-integrated AI company with the required capital, data, LLMs, hardware, manufacturing and engineering talent,” he wrote. “Its space infrastructure appears structurally advantaged.” Horan noted he expects the stock to be volatile, though the stock should gain to start. Meanwhile, New Street Research initiated coverage on company with a $165 12-month price target. That indicates a 22% gain from the IPO price. The firm did not initiate a rating on the stock. That target is based on the company’s future growth. Analyst Pierre Ferragu thinks SpaceX will reach $195 billion in revenues by 2030, up from $18.7 billion in 2025, and start turning a net profit starting in 2027. The company posted a net loss in 2025 of $4.9 billion. Ferragu estimates the company in 2027 will be valued at $2.3 trillion, but he notes that estimate could rise if the total addressable market for the company’s space business — which New Street is using a low-end market growth assumption to design its forecasts with — is larger-than-expected. “If though the whole opportunity grows to our high-end estimate and SpaceX wins 50% share, it would imply a fair value of $330/ share,” Ferragu wrote. The two firms are the first banks to start coverage. Most of the major Wall Street banks are restricted until after the IPO to put out their recommendations because they were underwriters on the deal and can’t appear to be boosting the offering. SpaceX perpetual futures are already trading and indicate the stock could trade above $160 on the first day.
