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Wall Street analysts are beginning to issue calls on SpaceX even before it officially goes live on the Nasdaq.
On June 11, both Oppenheimer and New Street Research initiated coverage on artificial intelligence (AI) and space infrastructure giant with a bullish stance.
These investment firms bypassed the post-IPO quiet period since neither served as an underwriter for what is expected to be the largest offering in the history of the stock market.
Why Oppenheimer Is Bullish on SpaceX stock
Oppenheimer analyst Timothy Horan initiated SPCX shares with a “Buy” rating and a rather bold $190 price target, signaling potential upside of more than 40% from the IPO price.
He views billionaire Elon Musk’s enterprise not just as a rocket manufacturer, but as an unmatched tech titan.
“SpaceX is the only vertically-integrated AI firm with the required capital, data, LLMs, hardware, manufacturing and engineering talent,” Horan told clients in a research note on Thursday.
According to him, deploying data centers in space could ultimately prove more cost-effective than running traditional, Earth-bound facilities.
SpaceX is committed to merging communications, cloud computing, AI, and space infrastructure, an ambition Horan believes no rival can replicate end-to-end.
Why New Street Is Bullish on SPCX shares
New Street senior analyst Pierre Ferragu also announced a bullish $165 price objective on SpaceX shares, indicating over 22% upside on the IPO price.
Ferragu’s baseline model sees the company generating a whopping $195 billion in revenue by the end of this decade, driven by a remarkable $650 billion in value from Starlink products and $575 billion from AI.
These estimates, he argued, justify the premium valuation tied to SPCX as it warms up to list on Nasdaq on June 12.
Crucially, New Street also disclosed a bull-case scenario that could skyrocket SpaceX to $330 per share, which would effectively drive its market cap into the $4 trillion range within the next five years.
