SpaceX Makes Nasdaq Debut As Wall Street Reveals What It Really Thinks

In a note released on Tuesday, analysts at Morgan Stanley led by Adam Jonas — a Tesla bull known for his sometimes fantastical takes on Musk’s businesses — initiated coverage of SpaceX with an “overweight” rating with a target price of $300. SpaceX opened at $159 on Tuesday, dropping as low as $150 in morning trading.

Morgan Stanley’s analysts predicted that SpaceX’s revenue would hit $319 billion by 2030 and $3.3 trillion by 2040. However, they forecast that the company would not be cash flow positive until 2035, with capex spending expected to hit $300 billion a year by 2031.

“With an ‘X of 1’ position in space infrastructure, we believe SpaceX can convert energy into intelligence at scale with optionality to monetize through a range of consumer and enterprise solutions for the next era of AI… the final frontier,” the note read.

In a note published on Tuesday, analysts for RBC Capital Markets initiated coverage of the company with an “outperform” rating and a $225 price target.

“We can appreciate timing risk associated with the company’s space aspirations, but we believe sentiment will benefit from a proven track record of disruption and innovation,” RBC’s analysts wrote.

They predicted that by 2029, SpaceX would be posting earnings before interest, taxes, and amortization of $3 billion from space-related activities, $42 billion from Starlink, and $147 billion from its AI business. SpaceX recorded a net loss of $4.9 billion in 2025.

Analysts for Swiss investment bank UBS gave SpaceX a buy rating and a price target of $210.

In their note, they predicted that SpaceX’s Starship rocket would unlock a total addressable market worth $30 trillion, adding that the company was also primed to exploit future opportunities ripped straight from science fiction — including using Optimus robots for manufacturing on the moon.

“While not in our base case, SpaceX is uniquely positioned to exploit off-planet business models as they emerge, providing investors a call option as Elon Musk looks to fulfill his vision of making life multiplanetary,” UBS’s analysts wrote.

Latin America’s largest investment bank also initiated coverage of SpaceX on Tuesday with a buy rating and a $225 price target.

Analysts for the bank wrote that SpaceX had the “widest moat in the universe” with a total addressable market that is “quite literally, all of space.”

They forecast that SpaceX’s revenue would hit $1 trillion in 2031 — slightly behind Musk’s own prediction, with the billionaire saying last month SpaceX could hit that level by 2030.

Investment bank Stifel was more restrained than some of its rivals, setting a $190 price target as it initiated coverage of SpaceX in a Tuesday note.

Stifel analysts said that Starlink and AI would be SpaceX’s main drivers of growth, but added that the company could face headwinds if Starship scales slowly. It warned investors that when it comes to Musk, it’s best to expect the unexpected.

“Love him or hate him, Elon Musk is SpaceX’s north star — while at the helm with a controlling stake, he will continue to pursue the mission to Mars and will occasionally surprise the market with abrupt shifts in tactics and direction,” they wrote.

JPMorgan, one of the main underwriters of SpaceX’s mega-IPO, kicked off its coverage of the rocket titan with an “overweight” rating and a $225 price target.

“SpaceX’s ambitions — and potential impact on humanity — are bigger than any company’s we’ve ever seen,” JPMorgan analysts wrote in a Tuesday note.