Space Exploration Technologies Corp. (NASDAQ:SPCX) entered its second day of trading on Monday with shares up roughly 6%, hovering above $170 — the stock has already surpassed two of the three early analyst price targets.
- SPCX stock is moving. See the chart and price action here.
SPCX Price Targets
When Wall Street’s first coverage notes dropped ahead of last Friday’s IPO, the targets on SpaceX stock ranged from $165 to $190.
New Street Research analyst Pierre Ferragu set a $165 12-month target, representing 22% upside from the $135 offer price.
Wolfe Research followed with a $175 target and an Outperform rating, built on 16x projected 2028 sales and 54x 2028 EBITDA.
Oppenheimer came in most aggressive, initiating at Outperform with a $190 target — implying nearly 41% upside from the IPO price.
SPCX topped $176 intraday Friday, clearing both New Street’s $165 and Wolfe’s $175, before closing at $160.95. By Monday it was back near $170 — once again within striking distance of $175 and leaving only Oppenheimer’s $190 untested.
Only Oppenheimer’s $190 still offers meaningful near-term distance.
Oppenheimer analyst Timothy Horan framed his thesis around AI infrastructure, calling SpaceX “the only vertically-integrated AI company with the required capital, data, LLMs, hardware, manufacturing and engineering talent,” and predicting it becomes the “largest” communications and AI company.
The $330 Bull Case
New Street’s $330 bull-case scenario is the number that tends to stop investors cold.
It is not a 12-month target — it is a 2040 scenario anchored to a $20 trillion total addressable market for space, with SpaceX capturing 50% share, according to the New Street note.
The analyst's sum-of-parts base case breaks down to $650 billion for telecom, $575 billion for xAI, $650 billion for orbital data centers, $325 billion for owning the physical stack, and $100 billion for launch — totaling $2.3 trillion.
Getting to $330 requires SpaceX to hit $127.7 billion in AI revenue and $57.9 billion in connectivity revenue by 2030, implying a 60% revenue CAGR over five years, with EPS of $3.30 in 2030.
Ferragu’s multiple framework — 45 times 2030 EBIT and 15 times 2030 sales — benchmarks the name against Tesla Inc. (NASDAQ:TSLA), Palantir Technologies Inc. (NASDAQ:PLTR), Cloudflare Inc. (NYSE:NET), and Anduril Industries.
With Oppenheimer’s $190 still untested, the question heading into Day 2 is whether the stock consolidates at current levels or accelerates toward that mark.
SPCX Stock Price Activity: SpaceX shares are climbing, up 6.09% to $170.75 at the time of publication on Monday, according to Benzinga Pro data.
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