MV Capital - Wall Street Launches Bullish Coverage on SpaceX After IPO Quiet Period

Analysts from major banks have initiated coverage on SpaceX with buy ratings and price targets reaching as high as $800, pointing to strong growth potential in launch services, satellite broadband, and related areas

Post-IPO Analyst Initiations Signal Broad Support

Following the end of the 25-day quiet period after its June IPO, SpaceX received coverage from numerous major financial institutions. The company raised $75 billion in the offering, with shares priced at $135. Trading recently around the $150 level, the stock has drawn attention from firms including Goldman Sachs, Morgan Stanley, and others.

Lead underwriters Goldman Sachs and Morgan Stanley both started with positive ratings. Goldman Sachs set a price target of $205, while Morgan Stanley assigned a $300 target. Several other banks, such as Citigroup, Bank of America, JPMorgan, and UBS, also issued buy-equivalent recommendations.

Key Analyst TargetsFirmRatingPrice Target
Morgan StanleyOverweight$300
Goldman SachsBuy$205
Raymond JamesStrong Buy$800
CitigroupBuy$200

Firm	Rating	Price Target
Morgan Stanley	Overweight	$300
Goldman Sachs	Buy	$205
Raymond James	Strong Buy	$800
Citigroup	Buy	$200

Morgan Stanley's Outlook on SpaceX

Morgan Stanley analyst Adam Jonas initiated coverage with an Overweight rating. The base-case target of $300 comes with a bull-case scenario reaching $600. The analysis points to opportunities in Starlink satellite network expansion and infrastructure supporting future technologies.

SpaceX lands bullish ratings from Morgan Stanley and Goldman Sachs.Mike Zaccardi, CFA, CMT

Jonas noted the potential for Starship program economics and Starlink growth to drive long-term value. Projections include significant revenue increases over the coming decades, with connectivity services playing a central role in the near term.

Raymond James Offers the Highest Target

Among the coverage, Raymond James provided the most optimistic view. Analyst Brian Gesuale issued a Strong Buy rating with an $800 price target.

"We see the company as one of the defining industrial infrastructure companies of the 21st century." Brian Gesuale, Raymond James

This target implies a substantial valuation, based on expectations for growth across multiple business segments, including government contracts and recurring revenue streams.

Nasdaq-100 Inclusion Adds Another Factor

SpaceX's entry into the Nasdaq-100 Index has also drawn notice. Estimates suggest this could lead to significant buying from passive funds tracking the index, potentially amounting to billions in share purchases.

JPMorgan projected around $4.3 billion in automatic buying tied to the rebalancing. This development occurs alongside the analyst coverage and contributes to market dynamics for the stock.

Broader Analyst Views and Business Drivers

Analysts across firms cited SpaceX's position in launch services, satellite broadband via Starlink, and government-related work. Many noted the potential for recurring revenue and expansion in launch cadence.

Common Themes in CoverageStrength in satellite communications and broadband services
Growth prospects in launch operations and related infrastructure
Role in supporting advanced technology applications
Recurring revenue potential from existing business lines

Goldman Sachs analyst Eric Sheridan highlighted positioning across space, connectivity, and related industries, viewing each as holding major long-term market potential.

While coverage shows broad agreement on positive outlooks, individual targets vary, reflecting different assessments of execution and market opportunities. SpaceX also maintains a holding of bitcoin on its balance sheet, as reported in prior disclosures.

The company continues operations in a competitive sector, with focus on technical achievements and contract wins supporting its market standing.