Wall Street analysts have begun coverage of SpaceX (SPCX) following the expiration of the 25-day quiet period after the company's June initial public offering (IPO), with nearly every major brokerage launching their coverage with a bullish rating.
The aerospace and satellite company, which held 18,712 bitcoin BTC$63,918.37 as of March 31, went public in June, raising $75 billion in one of the year's largest IPOs. Shares were priced at $135 in the offering. The stock was trading at $150.93 on Tuesday, down more than 6% from recent post-listing highs but still above its IPO price.
The two lead underwriters, Goldman Sachs and Morgan Stanley, both initiated coverage with buy-equivalent ratings. Goldman analyst Eric Sheridan set a price target of $205, while Morgan Stanley's Adam Jonas assigned a $300 target.
They were joined by analysts at Bank of America, Citigroup, Deutsche Bank, JPMorgan, Macquarie, RBC Capital Markets, UBS and Wells Fargo, all of which launched coverage with buy or equivalent recommendations.
The most optimistic forecast came from Raymond James, where analyst Brian Gesuale initiated coverage with a Strong Buy rating and an $800 price target.
"We see the company as one of the defining industrial infrastructure companies of the 21st century," Gesuale and his team wrote in a research note.
The broad support reflects Wall Street's confidence in SpaceX's position across several fast-growing businesses, including launch services, satellite broadband through Starlink and government contracts. Analysts also pointed to the company's ability to generate recurring revenue from its communications business while continuing to expand its launch cadence.
The end of the quiet period marks the first opportunity for underwriting banks to publish formal research on the stock, often providing investors with a clearer view of how institutional analysts value a newly public company. While positive initiations are common after large IPOs, the scale of support for SpaceX stands out, with nearly every major firm beginning coverage with a bullish recommendation.
Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
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