Wall Street Sees Wide Upside for SPCX, With Some Targets Up to $800 After Nasdaq-100 Addition

SpaceX is drawing a broad range of initial Wall Street views after analysts initiated coverage once the quiet period tied to its June IPO expired. The stock's inclusion in the Nasdaq-100 is also prompting index-tracking funds to buy shares, adding incremental demand for Elon Musk's rocket, satellite and AI-linked business. SPCX last traded at $151.74, down 5.41%, giving back part of its post-IPO surge. Shares rose from the $135 IPO price to a peak near $225 before retreating, leaving investors to balance fresh analyst targets against execution risk and a premium valuation. Several major banks launched coverage with generally positive stances, including Morgan Stanley, Goldman Sachs, UBS, Bernstein, Bank of America and JPMorgan. Morgan Stanley initiated with an Overweight rating and a $300 price target, highlighting enterprise AI as a potential growth engine tied initially to computing capacity and later to managed AI services. Citi set a $200 year-end target, but said that could represent an early step toward a much higher long-term outcome. Citi argued the stock could reach $900 within a few years if key engineering objectives are achieved at scale, with successful Starship deployment and measurable technical progress cited as central to any re-rating. Raymond James posted one of the most bullish early calls, rating the shares Strong Buy with an $800 target. Analyst Brian Gesuale said SpaceX could emerge as one of the century's major industrial infrastructure companies, contingent on the development of large future addressable markets. Price targets are widely dispersed. Across 18 analyst estimates, the average target is $278, with the low end at Needham's $200 and the high end at Raymond James's $800 (Source: X). Citi's $900 long-term scenario would imply a valuation near $12 trillion, far above the company's current market capitalization of roughly $2.1 trillion. Bank of America set a $235 target and said part of the long-term case should be viewed through an "option value" framework, given uncertainty around future space markets but the potential importance of SpaceX-owned infrastructure if those markets expand. Morgan Stanley also stressed the breadth of outcomes, outlining a $75 bear case and a $600 bull case, citing opportunity in AI and space alongside execution, funding and technology risks. SpaceX has officially entered the Nasdaq-100 following its record IPO, adding the shares to one of the most widely tracked tech benchmarks. Passive funds tied to the index must purchase SPCX to match index weights. Analysts noted index inclusion can support demand, but said longer-term returns will hinge on revenue growth, Starship execution, Starlink expansion and AI-related monetization. Valuation remains a key focus. Bank of America estimated SPCX trades at 118 times 2027 earnings and 43 times 2028 earnings, compared with the Nasdaq-100 at about 23 times forward earnings, according to Bloomberg data. On the regulatory front, SpaceX has asked the FCC for approval to launch and operate a third-generation constellation of 100,000 satellites, designed to support global connectivity and AI-driven demand. Musk commented on X, "We're gonna need a bigger rocket! (Starship)," linking the plan to the company's next-generation launch system. Bulls continue to view Starship as pivotal, with Citi arguing a successful rollout could open a cheaper, more scalable pathway to space markets that competitors would struggle to match. During the session, SPCX fell more than 5%, erasing about $120 billion in market value, according to CoinCodex.