It’s official. Of Elon Musk’s public companies, Wall Street analysts prefer SpaceX to Tesla.
So far, 15 Wall Street ratings were issued for SpaceX on Tuesday after its June IPO.
Morgan Stanley, Goldman Sachs, BofA, RBC, Wells Fargo, Bernstein, and UBS are among the firms that launched coverage—and all except one are Buy. The exception is a Hold. The average analyst price target is about $240 a share, valuing the company at about $3.2 trillion.
With prior ratings included, about 75% of analysts covering the stock rate shares Buy, above the average Buy-rating ratio of 55% to 60% for stocks in the S&P 500.
Tesla has a 40% Buy-rating ratio. The average analyst price target is about $404, according to FactSet. That is below where the stock is trading, and values Musk’s EV maker at about $1.8 trillion.
Tesla’s target values the company at about 15 times estimated 2027 sales of $121 billion. SpaceX is valued at closer to 45 times estimated 2027 sales.
By that measure, Tesla looks like a bargain, although SpaceX is expected to grow faster. Wall Street projects 2031 sales of about $567 billion for SpaceX; Tesla’s 2031 revenue is projected at about $307 billion.
To be sure, both companies are richly valued, with investors focused mainly on AI.
SpaceX’s AI computers create foundational AI models that it tries to monetize on its X platform. Down the road, SpaceX believes its orbital data centers will be lower-cost than AI computing on the ground.
Tesla is building AI into physical objects such as cars, robo-taxis, and humanoid robots. It launched a robo-taxi service in June 2025 and has expanded into three states: Texas, California, and most recently Florida.
Analysts place a lot of faith in Musk’s companies. Based on average price targets, Tesla and SpaceX are worth roughly $5 trillion. That’s more than any other company.
Nvidia, the current market value leader, is worth about $4.7 trillion. Of course, the average analyst price target for Nvidia stock is about $313, according to FactSet. That values the company at about $7.5 trillion.
SpaceX and Tesla have a way to go to catch that number.
It wasn’t a great day for either stock. Tesla shares fell 4% to $402.90. SpaceX stock dropped 6.8% to $149.47, while the S&P 500 dipped 0.5%.
Tesla stock fell by a smaller amount. Today, at least, investors prefer that one.
Comments