Wall Street Turns Bullish on SpaceX as Post-IPO Research Begins

Nearly Every Major Bank Issues Buy Ratings

Wall Street analysts launched coverage of SpaceX on Tuesday following the end of the standard 25 day quiet period after its June IPO, with nearly all major brokerages issuing bullish ratings. The company, which held 18,712 Bitcoin as of March 31, raised $75 billion in one of the year’s largest public offerings, pricing shares at $135. The stock traded at $150.93 Tuesday, down more than 6% from recent highs but still above its IPO price.

Lead Underwriters Set High Price Targets

Goldman Sachs and Morgan Stanley, the IPO’s lead underwriters, both initiated coverage with buy-equivalent ratings. Goldman set a price target of $205, while Morgan Stanley assigned a $300 target. Bank of America, Citigroup, Deutsche Bank, JPMorgan, Macquarie, RBC Capital Markets, UBS, and Wells Fargo all followed with similar bullish recommendations.

Raymond James Delivers Most Optimistic Call

Raymond James analyst Brian Gesuale issued the boldest forecast, initiating coverage with a Strong Buy rating and an $800 price target, describing SpaceX as one of the defining industrial infrastructure companies of the century.

Analysts Point to Diverse Revenue Streams

The widespread support reflects confidence in SpaceX’s position across launch services, satellite broadband through Starlink, and government contracts. Analysts highlighted the company’s ability to generate recurring revenue from its communications business while continuing to scale its launch operations. The near-unanimous bullish tone stands out even by the standards of large, high-profile IPOs.