The moment the quiet period ended, Wall Street couldn’t wait to turn bullish on SpaceX: up nearly 90% in the most bullish view!

Major Wall Street brokerages have released their first research reports on SpaceX following its IPO, all with buy ratings, with the highest price target implying nearly 90% upside from the current stock price, marking SpaceX's formal receipt of systematic endorsement from institutional analysts.

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

This concentrated release of analyst reports stems from the expiration of the underwriters' 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 another 18 banks participating. The collective analyst commentary provides investors with a valuation framework that goes beyond the "Musk concept stock" narrative.

AI Infrastructure Narrative Drives Highest Price Target

Morgan Stanley offers the most aggressive valuation on Wall Street. In a research note dated July 7, its analyst team wrote that SpaceX can "convert energy into intelligence at scale and monetize it through diverse consumer and enterprise solutions, leading the next era of AI... this is the final frontier."

Morgan Stanley sets its price target for SpaceX at $300 per share, with a broad scenario range: a bear case of $75 per share and a bull case of $600 per share. In terms of revenue forecasts, the bank expects SpaceX's revenue to reach $319 billion by 2030 and further climb 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 a pure space operator, believing its business model has the potential for monetization across both consumer and enterprise segments.

End of Quiet Period Triggers Concentrated Coverage; Profitability Remains a Concern

The dense release of these analyst reports is directly due to the expiration of the IPO underwriters' quiet period this week. SpaceX completed its listing on the Nasdaq on June 12, and the $86 billion IPO scale makes it one of the largest tech IPOs in recent years.

Despite unanimous buy ratings, analysts have not shied away from potential risks. Profitability, execution uncertainty, and valuation reasonableness remain the core issues the market continues to focus on for the company post-listing.

Goldman Sachs and UBS have price targets of $205 and $210, respectively, a clear gap from Morgan Stanley's $300, reflecting differences among institutions in their judgments on growth paths and monetization timelines. However, regardless of the target price levels, the buy-direction judgment is highly consistent, which is uncommon for initial coverage of large-cap tech stocks.

From "Musk Concept" to Institutional Pricing

The initiation of analyst coverage has substantive implications for SpaceX's market positioning. Before this, SpaceX's valuation relied heavily on Musk's personal brand and the market's faith premium in his vision, lacking systematic fundamental analysis support.

With top institutions such as Morgan Stanley, Goldman Sachs, and UBS successively establishing coverage, investors now have a pricing reference framework based on revenue forecasts, scenario analysis, and industry comparisons. This not only helps institutional investors build positions but also provides entry basis for a broader range of market participants going forward.

SpaceX's stock currently trades at $160.42. Wall Street's collective bullish sentiment will provide emotional support for the stock in the short term, but the speed at which the profitability path materializes remains the key variable in determining whether these high target prices can be achieved.

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