SpaceX has blasted off, and now Wall Street thinks the stars are the limit.<\/p>\n
Elon Musk’s rocket company made its debut on the Nasdaq 100 index on Tuesday, weeks after raising $85.7 billion<\/a> in the largest IPO in history.<\/p>\n Joining the Nasdaq opens SpaceX to a wave of passive buying, with investors who hold funds that track the index automatically gaining exposure to SpaceX.<\/p>\n A post-IPO share rally<\/a> pushed SpaceX’s valuation as high as $2.9 trillion, but the stock price has gone into retreat<\/a> in recent weeks. SpaceX’s market cap dropped below $2 trillion shortly after markets opened on Tuesday.<\/p>\n Tuesday also saw Wall Street give its verdict on Elon Musk’s sci-fi ambitions<\/a> for the company.<\/p>\n Big Wall Street firms like Morgan Stanley, Goldman Sachs, and UBS have been restricted from making analyst calls on SpaceX stock by the so-called “quiet period” for banks that underwrote the IPO<\/a>.<\/p>\n That quiet period has now expired, and some banks have broken cover with bullish calls and sky-high price targets. Here’s what analysts are saying.<\/p>\n Morgan Stanley<\/p>\n In a note released on Tuesday, analysts at Morgan Stanley led by Adam Jonas \u2014 a Tesla bull known for his sometimes fantastical takes<\/a> on Musk’s businesses \u2014 initiated coverage of SpaceX with an “overweight” rating with a target price of $300. SpaceX opened at $159 on Tuesday, dropping as low as $150 in morning trading.<\/p>\n Morgan Stanley’s analysts predicted that SpaceX’s revenue would hit $319 billion by 2030 and $3.3 trillion by 2040. However, they forecast that the company would not be cash flow positive until 2035, with capex spending expected to hit $300 billion a year by 2031.<\/p>\n “With an ‘X of 1’ position in space infrastructure, we believe SpaceX can convert energy into intelligence at scale with optionality to monetize through a range of consumer and enterprise solutions for the next era of AI… the final frontier,” the note read.<\/p>\n RBC Capital Markets<\/p>\n In a note published on Tuesday, analysts for RBC Capital Markets initiated coverage of the company with an “outperform” rating and a $225 price target.<\/p>\n “We can appreciate timing risk associated with the company’s space aspirations, but we believe sentiment will benefit from a proven track record of disruption and innovation,” RBC’s analysts wrote.<\/p>\n They predicted that by 2029, SpaceX would be posting earnings before interest, taxes, and amortization of $3 billion from space-related activities, $42 billion from Starlink, and $147 billion from its AI business. SpaceX recorded a net loss<\/a> of $4.9 billion in 2025.<\/p>\n UBS<\/p>\n Analysts for Swiss investment bank UBS gave SpaceX a buy rating and a price target of $210.<\/p>\n In their note, they predicted that SpaceX’s Starship rocket would unlock a total addressable market worth $30 trillion, adding that the company was also primed to exploit future opportunities ripped straight from science fiction \u2014 including using Optimus robots<\/a> for manufacturing on the moon.<\/p>\n “While not in our base case, SpaceX is uniquely positioned to exploit off-planet business models as they emerge, providing investors a call option as Elon Musk looks to fulfill his vision of making life multiplanetary,” UBS’s analysts wrote.<\/p>\n BTG Pactual<\/p>\n Latin America’s largest investment bank also initiated coverage of SpaceX on Tuesday with a buy rating and a $225 price target.<\/p>\n Analysts for the bank wrote that SpaceX had the “widest moat in the universe” with a total addressable market that is “quite literally, all of space.”<\/p>\n