Wedbush Starts SpaceX (SPCXB) at Outperform With $190 Price Target

SPCXB News

Wedbush has initiated coverage of SpaceX (SPCXB) with an Outperform rating and a $190 price target, a level that implies roughly 11% upside from the stock's $170.86 close on Tuesday. The firm frames the valuation through a sum-of-the-parts model in which artificial-intelligence compute sits alongside satellite broadband and launch. Coverage lands as SPCXB tracks toward Nasdaq 100 inclusion following a record public listing that ranks among the largest ever, an all-time-high for IPO size. The stock recently retested a critical support zone, and a subsequent bond sale drew scattered bubble warnings from cautious investors watching the post-listing valuation.

The central thesis reframes SpaceX as an AI infrastructure name rather than a conventional space business. Wedbush argues the company's compute buildout could position it as one of the market's leading long-term hyperscaler bets over a two-to-three-year horizon, a view echoing the broader race to monetize large-scale AI workloads. The firm concedes SPCXB looks expensive against current revenue, but contends execution rather than present fundamentals will define the outcome. That distinction matters: the bull case leans on a data-center and compute narrative that has not yet shown up meaningfully in reported sales figures.

Starlink remains the operating engine underpinning the valuation. The satellite broadband unit generated roughly $11.4 billion in revenue last year, about 61% of the company's total, and produced a solid operating profit even as SpaceX posted an overall net loss. Wedbush's $190 target leans heavily on Starlink's recurring subscriber base and expanding margins, treating the launch division and the newer AI unit as layered upside rather than the core of the thesis. Continued subscriber growth, the disclosure indicates, could carry a large share of the company's valuation on its own, with compute adding optionality on top.

The launch business functions as a strategic moat rather than a profit driver. Falcon 9 dominates the global commercial launch market, and Starship is engineered to lower per-flight costs further by carrying more satellites each mission. Yet the segment produces far less revenue than Starlink, and most of its flights deploy SpaceX's own constellation rather than generating external sales. That structure explains why analysts anchor the valuation debate on subscriber economics: launch cadence protects the network, but the recurring broadband revenue is what compounds. For SPCXB holders, the read is that hardware scale enables the moat while the subscription layer monetizes it.

A separate development has drawn regulatory scrutiny in Seoul. South Korea's largest brokerage, Mirae Asset Securities, received zero shares in the SpaceX IPO despite collecting roughly $1.14 billion in subscription orders from domestic clients. Under a pre-marketing process code-named Project Apex, lead underwriters circulated an email in mid-May requesting preliminary demand signals ahead of formal bookbuilding. Mirae Asset, people familiar with the matter indicate, misread that request as equivalent to placing a binding order. The actual formal order window opened only after a later June invitation, meaning the firm's registered retail demand ultimately read as nil.

The zero allocation triggered an inquiry by South Korea's Financial Supervisory Service, which initially examined investor eligibility before widening to the allocation failure itself. Other Korean investors fared very differently: the National Pension Service, managing over $1 trillion in assets, and Mirae Asset Global Investments both secured allocations through the underwriters. Mirae Asset's vice chairmen issued an SMS apology to clients on June 15, pledging to review internal processes and rebuild consumer trust. The episode is notable because the broker was an early SpaceX backer, and the shortfall stemmed from a communication breakdown rather than capital or competitive constraints.

On COINOTAG's proprietary 42-indicator composite S/R scoring engine, SPCXB trades at $171.64, up 4.98% on the day and pinned directly beneath its most immediate ceiling. Our engine rates the $172.28 resistance at 70/100, driven by the confluence of VWAP and Point of Control, with a firmer band at $179.57 (68/100, Value Area High and R1). Underneath, the $168.20 support scores 64/100 on EMA 20 and BB Middle, backed by a stronger $156.83 shelf at 69/100. With RSI at 53.49 and a sideways trend, momentum is neutral; a decisive close above $172.28 opens the $179.57 test, while a break below the $147.09 floor (71/100) invalidates the constructive setup. The backdrop stays fragile, with our aggregate market read showing a Fear & Greed Index of 11, or Extreme Fear, and BTC dominance near 69.7% keeping the broader altcoin risk appetite subdued.