SpaceX's 25-day quiet period ended after completing a $75 billion IPO in June. As underwriting banks and major brokerages initiate formal coverage, Wall Street has generally adopted an optimistic stance toward the aerospace and satellite company, and the latest stock price remains above the offering price.
Multiple major banks have initiated coverage.
On Tuesday, major underwriters such as Goldman Sachs and Morgan Stanley led the release of research reports. Most firms issued ratings equivalent to "Buy," with target prices ranging from $205 to $800.
Among them, Goldman Sachs analyst Eric Sheridan set a price target of $205, and Morgan Stanley analyst Adam Jonas set a price target of $300. Bank of America, Citigroup, Deutsche Bank, JPMorgan Chase, Macquarie, RBC Capital Markets, UBS, and Wells Fargo also issued buy or equivalent ratings.
The stock price remains above the offering price.
SpaceX went public in June with an IPO valued at $75 billion, making it one of the largest listings of the year. The company's offering price was $135 per share, and its stock price reached $150.93 during trading on Tuesday.
- The IPO price is $135.
- On Tuesday, the stock price closed at $150.93.
- Down more than 6% from its post-listing high
Basis for brokers' bullish outlook
Analysts commonly note that SpaceX operates across multiple high-growth businesses, including rocket launch services, Starlink satellite broadband, and government contracts. These businesses are seen as key pillars supporting the company’s valuation.
Some institutions also noted that Starlink’s communications business has characteristics of recurring revenue, and an increase in launch frequency helps expand the overall business scale. This has led SpaceX to be viewed not only as a space company but also as an infrastructure-oriented enterprise.
The article also noted that, as of March 31, SpaceX held 18,712 bitcoins. This information adds exposure to cryptocurrency assets, but the focus of this round of broker coverage remains primarily on the company’s aerospace, communications, and government business prospects.