Oppenheimer just became the first major brokerage to initiate coverage on SpaceX, giving the rocket-and-satellite giant an ‘Outperform’ rating and a $190 price target ahead of what’s shaping up to be the largest IPO in history.
The $75 billion raise is expected to value SpaceX at roughly $1.75 trillion when shares begin trading on the Nasdaq under the ticker SPCX.
What Oppenheimer sees in SpaceX
Oppenheimer’s coverage, initiated on June 11, pegs the IPO share price at $135. The $190 target implies approximately 41% upside.
Analyst Timothy Horan is the one making the bet. His thesis centers on SpaceX’s vertical integration across aerospace and artificial intelligence, projecting a total addressable market of $10 trillion by 2035.
