Futures
Access hundreds of perpetual contracts
CFD
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Introduction to Futures Trading
Learn the basics of futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to practice risk-free trading
CFD
Stock CFD Derivatives
US Stocks
Access real US stocks and ETFs
HK Stocks
Trade quality Hong Kong-listed stocks
Korean Stocks
SK Hynix
Real Korean stocks and top assets
Stock Futures
High leverage, 24/7 trading
Tokenized Stocks
Backed by real stock assets
IPO Access
Unlock full access to global stock IPOs
GUSD
3.8%
Mint GUSD for Treasury RWA yields
Stocks Activities
Trade Popular Stocks and Unlock Generous Airdrops
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
IPO Access
Unlock full access to global stock IPOs
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
Promotions
AI
Gate AI
Your all-in-one conversational AI partner
Gate AI Bot
Use Gate AI directly in your social App
GateClaw
Gate Blue Lobster, ready to go
Gate for AI Agent
AI infrastructure, Gate MCP, Skills, and CLI
Gate Skills Hub
10K+ Skills
From office tasks to trading, the all-in-one skill hub makes AI even more useful.
#SpaceX静默期结束 The 25-day quiet period after SpaceX’s IPO has ended. Goldman Sachs analyst Eric Sheridan and Morgan Stanley analyst Adam Jonas released research reports, and both issued an initial “Buy” rating for SpaceX.
However, the two institutions differ significantly in their valuations. Morgan Stanley gives SpaceX a target price of 300 dollars, while Goldman Sachs gives only 205 dollars, for a valuation gap as large as 1 trillion dollars.
Other Wall Street institutions’ target prices for SpaceX are as follows: Citigroup 200 dollars, JPMorgan 225 dollars, and Deutsche Bank 255 dollars.
Morgan Stanley uses a 15-year discounted cash flow method for each business segment, and supports its valuation by cross-validating it with valuation multiples. It is more conservative in forecasting the company’s medium- and short-term performance, but more optimistic for the long term. It expects SpaceX’s adjusted EBITDA in 2029 to be 162 billion dollars, and the company will not achieve positive free cash flow until 2035.
Goldman Sachs’ valuation model is directly based on 2029 performance forecast data, using relative valuation multiples. Goldman Sachs is more optimistic than Morgan Stanley about SpaceX’s medium- and short-term financial performance, expecting SpaceX to achieve positive free cash flow by 2031. By the end of 2029, the company’s adjusted EBITDA will jump from last year’s 6.58 billion dollars to 352 billion dollars.
Both institutions acknowledge that there is a gap between their forecast data and the company’s current actual operating conditions.
Adam Jonas of Morgan Stanley said that commercial space is a brand-new industry, and SpaceX’s future development depends highly on multiple core technologies that have not yet been commercialized, including fully reusable Starship capable of thousands of launches per year, orbital computing power, and so on.
Sheridan of Goldman Sachs expressed a similar view in its research report: “In many areas, SpaceX has repeatedly achieved technological breakthroughs that industry experts once believed were impossible (even though its development pace does not fully match investors’ timelines). In particular, it has a clear advantage in low-cost deployment of various infrastructure-as-a-service businesses.” $SPCX
However, the two institutions have significantly different valuations. Morgan Stanley gives SpaceX a target price of $300, while Goldman Sachs sets it at only $205, with a valuation gap of up to $1 trillion.
Target prices for SpaceX from other Wall Street institutions are as follows: Citigroup $200, JPMorgan Chase $225, Deutsche Bank $255.
Morgan Stanley uses a 15-year discounted cash flow model for each business segment, cross-validated with valuation multiples to support its valuation. Its forecast for the company's short-to-medium-term performance is more conservative, but more optimistic in the long term. It expects SpaceX's adjusted EBITDA in 2029 to be $162 billion, and that the company will not achieve positive free cash flow until 2035.
Goldman Sachs' valuation model is directly based on 2029 performance forecasts, calculated using relative valuation multiples. Goldman Sachs is more optimistic than Morgan Stanley about SpaceX's short-to-medium-term financial performance, predicting that SpaceX will achieve positive free cash flow by 2031. By the end of 2029, the company's adjusted EBITDA will surge from last year's $6.58 billion to $352 billion.
Both institutions acknowledge that there is a gap between their forecasts and the company's current actual operating conditions.
Morgan Stanley's Adam Jonas stated that the commercial aerospace industry is entirely new, and SpaceX's future development is highly dependent on multiple core technologies that have yet to be commercialized, including the fully reusable Starship capable of thousands of launches per year, orbital computing power, and more.
Goldman Sachs' Sheridan expressed a similar view in the report, "In many areas, SpaceX has repeatedly achieved technological breakthroughs that industry experts once deemed impossible (though its development pace does not fully align with investors' timelines), especially with its significant advantages in low-cost deployment of various infrastructure-as-a-service businesses."$SPCX