Elon Musk’s rocket company is hours away from going public, and Wall Street is already placing its bets.
SpaceX lists on the Nasdaq on June 12 under the ticker SPCX at $135 per share, in what would be the largest IPO in stock market history.
The company is targeting a $1.75 trillion valuation and aims to raise $75 billion from the offering.
Related: ‘Big Short’ investor sends warning on SpaceX’s June 12 IPO
Wall Street weighs in
Oppenheimer became the first brokerage outside the IPO’s underwriting syndicate to put a formal rating on the stock.
Analyst Timothy Horan initiated coverage with an “outperform” rating and a price target of $190, implying a 41% gain from the listing price and a market capitalization of roughly $2.5 trillion within 12 to 18 months.
Horan’s case rests on a simple argument: no other company is doing what SpaceX does.
“We see it as the only vertically integrated AI company with the required capital, data, LLMs, hardware, manufacturing and engineering talent,” he wrote in a note published Thursday, as quoted by Reuters.
In his view, Starlink drives the near-term revenue story, but the AI division, which includes xAI, eventually becomes the biggest earner.
Horan also called a future Tesla merger “plausible,” though he expects both companies to stay closely linked rather than fully combine, to preserve their access to capital.
Soon after Horan’s rating, New Street Research followed with a 12-month price target of $165.
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The bull case is not unanimous. Morningstar put SpaceX’s fair value at $780 billion, less than half the IPO target, arguing that the outlook for xAI and social platform X remains too uncertain to justify the premium.
Oppenheimer’s Horan also flagged a likely supply crunch at the open, expecting heavy retail demand and fast-tracked index inclusion to create an imbalance in SPCX shares early on.
Elon Musk, chief executive officer of Space Exploration Technologies Corp. (SpaceX), at an event in Hawthorne, California, U.S., on Thursday, May 29, 2014.Getty Images
(Getty Images)
Earlier this week, Wolfe Research added to the noise, noting that a SpaceX-Tesla merger has moved from fringe theory to mainstream investor thesis for many Tesla holders, though Oppenheimer itself sees little strategic logic in the deal.
JPMorgan, Goldman Sachs and Morgan Stanley are among more than a dozen banks underwriting the IPO. Unlike those banks, outside brokerages face no quiet period restrictions and can publish ratings freely around the listing date.
Why crypto traders are paying attention
SpaceX’s S-1 filing revealed the company holds 18,712 Bitcoin on its balance sheet, valued at approximately $1.29 billion at the end of the first quarter against a cost basis of around $661 million.
That puts SpaceX among the largest corporate Bitcoin holders globally, behind Strategy and ahead of Tesla.
Crypto markets have also been running their own price discovery on the stock.
The SPCX-USDC perpetual contract on Hyperliquid launched in May at $150, reached $216 at its peak, and has settled around $163 recently, all above the $135 IPO price. The on-chain market is signaling the stock opens higher.
For those who want direct exposure through crypto, Sunrise and Backpack Securities are launching a tokenized version of SPCX on Solana on the same day the stock hits Nasdaq.
The token can be redeemed for actual SpaceX shares and moved to a traditional brokerage, a first for a newly listed stock of this scale.
Related: Goldman Sachs makes bold prediction for biggest IPO in 2026
This story was originally published by TheStreet on Jun 11, 2026, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.
