NEW YORK, July 9, 2026, 11:03 (EDT)
SpaceX stock traded just under its Nasdaq opening price on Thursday, with Wall Street’s recent bullish research offering little immediate lift. Shares last changed hands at $148.89, up 0.4% for the day. That’s still under the June 12 open at $150, and above the $135 IPO price.
Timing is key here. SpaceX’s quiet period after its IPO ended just as the stock entered the Nasdaq 100. That meant index funds tracking the benchmark had to buy the stock. Now, SpaceX shows up in millions of passive portfolios—even as active traders still argue over what it’s worth.
Analyst calls are coming in bullish. On StreetInsider, Morgan Stanley’s Adam Jonas put an Overweight on SpaceX with a $300 target. Raymond James analyst Brian Gesuale went with Strong Buy and an $800 target. Citi’s John Godyn launched at Buy, targeting $200 for now. Citi called the $200 target just a step “along the path to $900+” if engineering progress shows up at scale. StreetInsider.com
Barron’s reports the average analyst target sits around $240, which would put SpaceX’s valuation near $3.2 trillion, higher than Microsoft, Amazon, or Tesla on those numbers. That’s the tension: Wall Street is projecting future cash, but the market is pricing in today’s risk.
Deutsche Bank’s Edison Yu called SpaceX “the apex of civilizational ambition” in a note quoted by MarketWatch, language that’s a bit big even for equity research. Yu rated the stock Buy and set a $255 price target. That kind of bullish call probably has more to do with the buzz around SpaceX than with where the shares are trading now. MarketWatch
Investors aren’t just looking at SpaceX as a launch firm anymore. Reuters calls its operations a mix of space, connectivity, and AI—software that learns from data. Starlink has around 9,600 satellites in low-Earth orbit, with service in 164 countries and markets. These satellites fly closer to the planet, so signal delay drops.
The field extends past rockets now. Investor’s Business Daily reported Morgan Stanley expects around $200 billion in worldwide Starlink investment over five years. Broadband and wireless could soon challenge Verizon and other U.S. telecoms.
In launch, Blue Origin and Rocket Lab are still the closest comparisons out there. IBD said William Blair bumped up its SpaceX launch-services valuation after Blue Origin’s new funding. MarketWatch wrote that Morgan Stanley sees Rocket Lab working to create a scaled-down SpaceX-style space platform.
The risk is the shares may be factoring in engineering, regulatory and demand results that aren’t final. Business Insider cited Julie Zhu at MoffettNathanson, who holds a Neutral and has a $131 target. “It’s tough to say with conviction today,” Zhu told the outlet. AP reported that Starship is still in testing, and says orbital data center tech isn’t yet real. Business Insider
SpaceX isn’t acting like a typical IPO right now. Trading is looking more like a test of what investors will pay right away for unfinished infrastructure. Morningstar’s bull case is that SpaceX shifted launch costs and built a big lead, but the bear case warns this valuation may need decades of profits to make sense.
