As soon as the quiet period ended, Wall Street eagerly turned bullish on SpaceX: some predict up to nearly 90% upside!
Major Wall Street brokerages have released their first research reports on SpaceX since its IPO, unanimously giving buy ratings. The highest target price implies nearly a 90% upside from the current share price, marking SpaceX’s official systematic endorsement by institutional analysts.
At least six brokerages have begun coverage on SpaceX, all assigning ratings equivalent to “buy.” Morgan Stanley rates it as “overweight” with a target price of $300, one of the highest on Wall Street, implying about 87% upside from SpaceX’s Monday closing price of $160.42. Goldman Sachs and UBS have also initiated coverage with “buy” ratings and target prices of $205 and $210, respectively.
This wave of analyst reports was triggered by the expiration of the underwriters’ quiet period this week. SpaceX’s IPO raised $86 billion, jointly underwritten by Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase, with another 18 banks participating. The collective voice of analysts provides investors with a valuation framework beyond the “Musk-concept stock” narrative.
AI Infrastructure Narrative Supports Highest Target Price
Morgan Stanley offered the most aggressive valuation judgment on Wall Street. Its analyst team wrote in a July 7 report that SpaceX can “scale energy into intelligence and monetize it through diverse consumer and enterprise solutions, leading the next era of AI... This is the final frontier.”
Morgan Stanley set a target price of $300 per share for SpaceX, with a wide scenario range: a pessimistic scenario of $75 and an optimistic scenario of $600. For revenue forecasts, the bank projects SpaceX’s revenue could reach $319 billion by 2030 and further climb to $3.3 trillion by 2040.
The core of this narrative is that Morgan Stanley positions SpaceX as an AI infrastructure company, not merely an aerospace operator, believing its business model has monetization potential across both consumer and enterprise segments.
Quiet Period Ends, Triggering Concentrated Coverage; Profitability Remains a Concern
The concentrated release of analyst reports is directly due to the IPO underwriters’ quiet period ending this week. SpaceX completed its listing on Nasdaq on June 12, with the $86 billion IPO making it one of the largest tech IPOs in recent years.
Despite consensus buy ratings, analysts do not shy away from potential risks. Profitability, execution uncertainties, and valuation rationality remain core issues that the market continues to focus on after the company’s IPO.
Goldman Sachs and UBS have target prices of $205 and $210 respectively, which differ significantly from Morgan Stanley’s $300, reflecting divergent views among institutions on growth trajectories and monetization timelines. Nevertheless, the unanimous buy direction is rare in first coverage of large tech stocks.
From “Musk Concept” to Institutional Pricing
The initiation of analyst coverage is substantively significant for SpaceX’s market positioning. Previously, SpaceX’s valuation heavily relied on Elon Musk’s personal brand and the market’s faith in his vision, lacking systematic fundamental analysis support.
With Morgan Stanley, Goldman Sachs, UBS, and other top institutions establishing coverage, investors now have a pricing reference framework based on revenue projections, scenario analysis, and industry comparisons. This not only helps institutional investors build positions, but also provides broader market participants with an entry foundation.
SpaceX shares are currently priced at $160.42. Wall Street’s collective bullishness will provide sentiment support for the stock in the short term, but the speed at which profitability materializes will remain the key variable determining whether these high target prices can be achieved.
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