CoinDesk
Wall Street launched formal coverage of SpaceX on Tuesday after the 25-day post-IPO quiet period expired, with every major underwriting bank initiating the stock at a buy-equivalent rating. Shares had priced at $135 in the company's $75 billion June IPO and were recently changing hands at $150.93, still above the offering price but more than 6% off post-listing highs.
Goldman Sachs analyst Eric Sheridan set a $205 price target while Morgan Stanley's Adam Jonas assigned $300. They were joined by Bank of America, Citigroup, Deutsche Bank, JPMorgan, Macquarie, RBC Capital Markets, UBS and Wells Fargo, all opening coverage at buy or equivalent. The top call came from Raymond James, where Brian Gesuale initiated with a Strong Buy and an $800 target, calling SpaceX "one of the defining industrial infrastructure companies of the 21st century."
Why it matters
The uniformly bullish launch is a common feature of large IPOs, but the headline range matters more than the directional consensus. The $205-to-$800 spread frames how much room institutional underwriters see between near-term valuation anchors and a long-duration thesis built on Starlink recurring revenue, accelerating launch cadence, and embedded government contracts. The 18,712 bitcoin also held on the balance sheet adds a discrete price-sensitive asset to the equity story.
Market impact
With nearly every major bank clearing the stock at buy, the immediate overhang is positioning rather than conviction: institutions that wanted the name now have a stamp to lean on, while short-term traders are testing the upper bound of the target range. The $800 outlier will become a recurring reference point on every 10%+ pullback. Watch whether subsequent research notes drift targets up as Starlink ARPU disclosures or Starship cadence milestones land.
Frequently asked questions
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Why did Wall Street coverage of SpaceX start now?
The 25-day post-IPO quiet period expired, giving underwriting banks the first chance to publish formal research on the stock since the June $75 billion IPO priced at $135 per share.
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What price targets did major banks set on SpaceX?
Goldman Sachs set $205 and Morgan Stanley set $300, with buy-equivalent ratings from Bank of America, Citigroup, Deutsche Bank, JPMorgan, Macquarie, RBC, UBS and Wells Fargo. Raymond James topped the range with a Strong Buy and an $800 target.
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How is SpaceX trading relative to its IPO price?
Shares were recently at $150.93, above the $135 offering price but more than 6% off post-listing highs recorded earlier in the trading window.
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Does SpaceX hold bitcoin on its balance sheet?
Yes. The seed notes SpaceX holds 18,712 bitcoin, making the BTC treasury a discrete price-sensitive component embedded in the equity story alongside launch services and Starlink.
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What is the most aggressive SpaceX bull case on Wall Street?
Raymond James analyst Brian Gesuale initiated coverage with a Strong Buy and an $800 price target, calling SpaceX "one of the defining industrial infrastructure companies of the 21st century."
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