Bernstein starts coverage on SpaceX as Nasdaq-100 entry drives passive demand

SpaceX drew a broad range of Wall Street price targets after the IPO quiet period ended and the stock joined the Nasdaq-100 on July 7 or Tuesday, depending on the source. Nineteen analysts published ratings with targets from $131 to $800, a median near $250, and 14 of the 19 clustered between $200 and $250. The inclusion was expected to trigger heavy buying by index-tracking funds and ETFs, with estimates ranging from about $4.3 billion from QQQ alone to roughly $22 billion to $27 billion across broader benchmark-linked products. The company went public on June 12. Sources differed on the IPO total: one described it as a $75 billion offering, while another said SpaceX raised $85.7 billion after underwriters exercised the greenshoe overallotment, following an initial offering of 555.6 million shares at $135 each. The newer report said the shares reached a closing high of $201.80 on June 16 but later fell, ending Wednesday at $148 for a second straight close below the company’s $150 first trading price. Analyst views were mostly bullish but highly dispersed. Bernstein initiated with outperform and a $239 target. Raymond James analyst Brian Gesuale set the highest target at $800, while Citi’s John Godyn rated the stock buy at $200 and tied a longer-term $900 target to Starship. Deutsche Bank, J.P. Morgan, Morgan Stanley, RBC and UBS also issued positive ratings, while MoffettNathanson set the lowest target at $131 with a neutral rating and CFRA recommended selling. Bullish analysts cited SpaceX’s leadership in reusable rockets, launch services and Starlink, plus longer-term opportunities tied to AI products and orbital data centers, while skeptics questioned valuation, execution and future regulatory risks.