Space X's IPO welcomes Wall Street ratings wave, stock price plummets below $150
As the U.S. Space Exploration Technology Company (SpaceX) has been listed for 16 trading days, major financial institutions on Wall Street released the first batch of research reports on Tuesday and intensively initiated investment ratings on the company. Although most institutions are optimistic about the aerospace, telecommunications, artificial intelligence and social media giant controlled by Elon Musk, SpaceX's stock price still suffered a heavy setback that day due to market uncertainty, closing down nearly 7% and falling below the $150 mark for the first time since its listing. As of the close of U.S. stocks on Tuesday, SpaceX (stock code: SPCX) closed at $149.47, down $10.95, or 6.83%. However, data compiled by Bloomberg show that the average target price set by Wall Street analysts for the stock is still as high as $236.45, a premium of about 58% from the current closing price. Market analysts believe that the investment logic behind this high valuation is largely based on the "faith" in Musk's personal strategic vision, and the many long-term milestones and technical barriers listed in reports from major banks also reflect the huge uncertainty the company faces in the future. Based on research reports from major investment institutions, if SpaceX wants to realize its current market valuation, it will have to face a series of severe tests in technology, business development and capital raising in the next few years: In the field of core aerospace technology, the company must fully realize the complete reuse of the "Starship" aircraft to fundamentally reduce launch costs and significantly increase the payload of each batch, thereby ensuring the economic viability of its entire space ecosystem. In terms of cross-border business integration, due to the previous completion of the acquisition of the code editor software Cursor, SpaceX is required to significantly improve the overall competitiveness of its artificial intelligence product "Grok" in the short term; at the same time, the company also needs to successfully develop a cost-effective space solar data center. In terms of the scale of fund raising, Wall Street has put forward extremely large capital demand forecasts. Analyst Adam Jonas pointed out that SpaceX will need to raise an average of US$84 billion per year from 2027 to 2034 to support the construction of huge infrastructure. Analyst Eric Sheridan estimates that the company will need to raise up to $270 billion in debt capital between 2026 and 2030. Given that the above-mentioned goals are extremely cutting-edge and uncertain, the specific business forecasts of major banks also show significant differences. Take the number of "Starship" launches as an example, Its launch volume is expected to reach 5,000 by 2031, while ) is expected to be only 2,440 times by 2030. Despite the many variables in the financial and business models, Wall Street's major analysts still show extremely high emotional resonance with SpaceX's grand narrative. JPMorgan analyst Doug Anmuth emphasized that SpaceX’s ambitions and its potential impact on human society exceed any company seen before. William Blair analyst Louis DiPalma pointed out that Musk has established his status as the top innovator of the contemporary era. In the context of the struggle of traditional peers, SpaceX actually carries the expectations of the U.S. industrial base. Deutsche Bank analyst Edison Yu reiterated that SpaceX represents the pinnacle of the current ambitions of human civilization and is effectively changing the direction of history by building underlying infrastructure in the fields of transportation, communications and artificial intelligence.