NEW YORK — Wall Street's formal verdict on SpaceX is in, and it is overwhelmingly bullish. With the post-IPO quiet period expired, six major banks initiated coverage of SpaceX (NASDAQ: SPCX) — every one of them with a buy-equivalent rating — spanning a remarkably wide range of price targets from $205 to a Street-high $800.
The initiations landed the same week SpaceX joined the Nasdaq-100 under the exchange's fast-track rules, a milestone we covered in detail in our report on the company's historic index inclusion. JPMorgan estimated that entry alone pushed roughly $4.3 billion in passive buying into $SPCX.
The Bull Case Runs Wide
Morgan Stanley's Adam Jonas set a base case of $300 with an Overweight rating, implying about 87% upside from where the stock traded near $160, and left room for a $600 bull scenario. Raymond James opened at $800 with a Strong Buy, calling SpaceX 'one of the defining industrial infrastructure companies of the 21st Century,' according to TheStreet. Citi came in at $200 with a path to $900-plus, while UBS set $210, Macquarie $250, Wells Fargo $230 and Bank of America $235. Even Goldman Sachs, the low mark among the bulls at $205, still implied solid upside.
The common thread is not rockets. Analysts are underwriting SpaceX as a vertically integrated infrastructure stack that links orbital launch, global Starlink connectivity and — following the February merger that folded in xAI — artificial-intelligence compute. That AI narrative, more than launch cadence, is what stretches the valuation debate so far.
