SpaceX (SPCXB) Draws $300 Morgan Stanley Overweight in Coverage Debut

SPCXB News

SpaceX (SPCXB) drew its first heavyweight Wall Street endorsement as Morgan Stanley opened coverage with an Overweight rating and a $300 base-case price target, alongside a $600 bull case. Analyst Adam Jonas reframed the newly listed company not as a rocket launcher but as an artificial-intelligence infrastructure platform, arguing its Starlink satellite network and low-latency connectivity will underpin autonomous vehicles, robots and drones. The base target implies roughly 90% upside from recent trading near $160. Jonas projected revenue could reach about $319 billion by 2030 and $3.3 trillion by 2040, driven primarily by Starlink and AI rather than traditional launch services.

A second catalyst arrives with SpaceX’s entry into the Nasdaq-100 Index. JPMorgan estimates the inclusion could trigger roughly $4.3 billion in automatic purchases by passive investment funds that track the benchmark, a mechanical demand wave independent of the analyst enthusiasm. Despite that structural tailwind and a wave of buy-equivalent ratings, shares eased ahead of the index debut, cooling from their post-listing peak. The pullback reflects profit-taking after an early rally rather than any fundamental setback, with the stock still holding comfortably above its offering price. Institutional interest, analysts note, remains firmly skewed to the upside heading into the transition.

The most aggressive call came from Raymond James, where analyst Brian Gesuale initiated coverage with a Strong Buy and an $800 price target — the highest on the Street. Gesuale argued that valuation would put SpaceX at roughly $10.5 trillion, more than double Nvidia’s approximately $4.7 trillion market capitalization. He described the company as one of the defining industrial-infrastructure firms of the 21st century, comparable to railroads, power grids and the early internet. Gesuale forecast revenue climbing to $5.2 trillion by 2035, with AI contributing about 94%. He cautioned, however, that an unexpected launch failure could send shares toward $125, below the $135 IPO price.

The flood of research followed the expiration of the mandatory 25-day quiet period that constrains underwriters after a listing. SpaceX went public in June in a $75 billion offering — one of the year’s largest — with shares priced at $135. By Tuesday the stock changed hands at $150.93, down more than 6% from its post-listing high but still above the offer level. Nearly every major brokerage launched coverage with a bullish stance, a rare display of unanimity for a freshly listed name. Lead underwriters Goldman Sachs and Morgan Stanley both opened with buy-equivalent ratings, setting the tone for the broader syndicate.

Goldman Sachs initiated at Buy with a $205 target, analyst Eric Sheridan writing that SpaceX is positioned across space, connectivity and artificial intelligence — each a potential multiple-trillion-dollar opportunity over a five-year-plus horizon. Citigroup assigned a Buy with a $200 twelve-month target, while Bank of America, Deutsche Bank, JPMorgan, Macquarie, RBC Capital Markets, UBS and Wells Fargo all launched with positive recommendations. Of the 35 analysts now covering the stock, 29 carry buy ratings, and the average price target sits at $236.45 — implying roughly 56% upside from current levels. The breadth of coverage underscores unusually broad institutional conviction.

Beyond the equity story, SpaceX carries a notable crypto footprint: company disclosures show it held 18,712 bitcoin as of March 31, leaving its balance sheet directly exposed to digital-asset prices. That treasury links the newly public stock to the broader crypto market at a moment of caution across risk assets. Analysts also point to the company’s recurring revenue from Starlink subscriptions and government contracts as a stabilizing base beneath the speculative AI upside. Raymond James projects AI will become SpaceX’s largest revenue segment as early as next year, eclipsing both launch services and satellite broadband as the primary growth engine.

Our reading of COINOTAG’s proprietary 42-indicator composite S/R scoring engine frames the SPCXB token’s own tape, which last traded at $152.24, down 2.89% on the day. The engine rates the $147.09 support at 83/100 — its strongest reading — anchored by the confluence of the Fibonacci 0.000 retracement, the Donchian lower band and a prior swing low. Overhead, the $156.80 resistance scores 71/100 on high-volume-node clusters and the Fibo 0.114 level, with the $164.74 EMA-20/VWAP zone at 68/100 next. With RSI at 42.56, MACD flat and the trend down, momentum favors sellers, and a broad-market Fear reading of 27/100 reinforces the caution. A daily close below $147.09 would invalidate the bullish case; reclaiming $156.80 is the first upside trigger.