To The Moon

Major Wall Street firms have issued their first research reports on SpaceX following its IPO, unanimously assigning buy-equivalent ratings, with the highest price target implying nearly 90% upside from the current share price. This marks the company's formal entry into the realm of systematic institutional analyst coverage.

At least six brokerage firms have initiated coverage on SpaceX, all with ratings equivalent to "buy." Morgan Stanley rated the stock "Overweight" with a $300 price target, one of Wall Street's highest, suggesting approximately 87% upside from SpaceX's Monday closing price of $160.42. Goldman Sachs and UBS also initiated coverage with "buy" ratings, setting price targets of $205 and $210, respectively.

This concentrated release of analyst reports follows the expiration of the underwriter quiet period this week. SpaceX's IPO raised $86 billion, jointly led by Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase, with 18 other banks participating. The collective analyst voice provides investors with a valuation framework that moves beyond the narrative of simply being a "Musk concept stock."

AI Infrastructure Narrative Drives Loftiest Price Target

Morgan Stanley presented Wall Street's most aggressive valuation assessment. The firm's analyst team wrote in a July 7th report that SpaceX can "mass-convert energy into intelligence and monetize it through diverse consumer and enterprise solutions, leading the next era of AI... This is the final frontier."

Morgan Stanley set its SpaceX price target at $300 per share, providing a wide scenario range: $75 in a bear case and up to $600 in a bull case. For revenue projections, the firm forecasts SpaceX's sales could reach $319 billion by 2030, climbing further to $3.3 trillion by 2040.

The core of this narrative logic is that Morgan Stanley positions SpaceX as an AI infrastructure company rather than merely a space operator, believing its business model holds monetization potential across both consumer and enterprise sectors.

Quiet Period End Sparks Coverage Wave, Profitability Remains a Concern

The direct trigger for the dense release of analyst reports was the expiration of the IPO underwriter quiet period this week. SpaceX completed its listing on Nasdaq on June 12th, with its $86 billion IPO making it one of the largest tech listings in recent years.

Despite the unanimous buy ratings, analysts did not shy away from potential risks. Profitability, execution uncertainties, and valuation justification remain core issues the market continues to focus on following the company's debut.

The price targets of $205 from Goldman Sachs and $210 from UBS show a clear divergence from Morgan Stanley's $300, reflecting differing institutional judgments on growth trajectories and monetization timelines. However, regardless of the target price level, the directional buy call is highly consistent, which is uncommon for initial coverage of large-cap tech stocks.

Transitioning from "Musk Concept" to Institutional Pricing

The initiation of analyst coverage holds substantive significance for SpaceX's market positioning. Prior to this, SpaceX's valuation largely relied on the premium associated with Elon Musk's personal brand and market faith in his vision, lacking systematic fundamental analysis support.

With top-tier institutions like Morgan Stanley, Goldman Sachs, and UBS establishing coverage, investors now have a pricing reference system based on revenue forecasts, scenario analysis, and industry comparisons. This not only aids institutional investors in building positions but also provides a basis for entry to a broader range of market participants.

SpaceX stock currently trades at $160.42. Wall Street's collective bullishness will provide short-term sentiment support for the stock, but the pace at which the profit path materializes will remain the key variable determining whether these lofty price targets can be achieved.