SpaceX Shares Slip After Wall Street Begins Post-IPO Research Ahead of Nasdaq-100 Debut

SpaceX shares slipped as Wall Street began formal research after the expiration of a 25-day quiet period following the company’s June IPO, with Benzinga saying the stock was down 4.86% to $152.63 on Tuesday.

“Analysts see more upside for SpaceX as post-IPO research begins Major brokerages initiated coverage on Tuesday with mostly buy ratings following the company's $75 billion June IPO”

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Benzinga also reported that BofA Securities analyst Ronald Epstein initiated SpaceX with a Buy rating and a price target of $235, while RBC Capital analyst Ken Herbert initiated coverage with an Outperform rating and a price target of $225.

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KuCoin said the IPO was completed for $75 billion in June and that the offering price was $135 per share, with the stock reaching $150.93 during trading on Tuesday.

Business Insider added that SpaceX made its debut on the Nasdaq 100 index on Tuesday, weeks after raising $85.7 billion in the largest IPO in history.

In the same coverage window, KuCoin said most firms issued ratings equivalent to “Buy,” with target prices ranging from $205 to $800, including Goldman Sachs analyst Eric Sheridan at $205 and Morgan Stanley analyst Adam Jonas at $300.

Business Insider reported that Morgan Stanley initiated coverage of SpaceX with an “overweight” rating and a target price of $300, and it said the firm predicted revenue would hit $319 billion by 2030 and $3.3 trillion by 2040.

Business Insider also said Morgan Stanley forecast SpaceX would not be cash flow positive until 2035, with capex spending expected to hit $300 billion a year by 2031, and it noted SpaceX recorded a net loss of $4.9 billion in 2025.

Benzinga

RBC Capital Markets initiated coverage with an “outperform” rating and a $225 price target, and Business Insider quoted RBC’s analysts predicting that by 2029 SpaceX would be posting earnings before interest, taxes, and amortization of $3 billion from space-related activities, $42 billion from Starlink, and $147 billion from its AI business.

UBS gave SpaceX a buy rating and a price target of $210, and Business Insider said UBS predicted Starship would unlock a total addressable market worth $30 trillion.

CoinDesk added that the most optimistic forecast came from Raymond James, where analyst Brian Gesuale initiated coverage with a Strong Buy rating and an $800 price target, writing, “We see the company as one of the defining industrial infrastructure companies of the 21st century.”

Proactive Investors said SpaceX is scheduled to join the Nasdaq-100 index before US markets open on Tuesday after a change to Nasdaq’s eligibility rules that allows certain large-cap IPOs to enter the index after 15 trading days.

“SpaceX has blasted off, and now Wall Street thinks the stars are the limit”

Business Insider

Proactive Investors reported that JPMorgan estimated approximately $4.3 billion of SpaceX shares could be purchased by index-tracking funds, including the Invesco QQQ Trust (NASDAQ: QQQ) and Invesco Nasdaq 100 ETF (NASDAQ: QQQM).

Proactive Investors also said SpaceX’s roughly $2.1 trillion market valuation would translate into an index weighting of around 1%, and it added that with less than 5% of SpaceX’s outstanding shares publicly available following its IPO, the weighting was expected to remain relatively modest.

Proactive Investors quoted Swissquote senior analyst Ipek Ozkardeskaya saying, “Remember, Nasdaq changed the inclusion rules to include SpaceX, which would normally not make its way so quickly into such a broadly watched and traded index.”

In the same run-up, Business Insider said passive buying from joining the Nasdaq 100 would follow SpaceX’s debut on Tuesday, and it reported that SpaceX’s market cap dropped below $2 trillion shortly after markets opened on Tuesday.