SpaceX has not traded one public share yet. Wall Street is already calling it an AI company, not a rocket maker.
The first two analyst calls landed Thursday. That is one day before its IPO, the firm's first sale of stock to the public.
Oppenheimer started with an "outperform" rating. That just means it expects the stock to beat the market.
Its price target is $190. That sits about 40% above the $135 IPO price.
The reason might surprise you. Analyst Timothy Horan called SpaceX the only "vertically-integrated AI company."
In plain terms, he thinks it owns every piece of the AI puzzle. The money, the data, the hardware, and the talent all live in-house.
Picture a restaurant that grows its own food. It cooks and serves it too, instead of buying from outside.
Horan also flagged the ride. He expects the stock to swing, but to gain early on.
He called the space side "structurally advantaged." In short, rivals will struggle to catch up.
SpaceX is more than rockets now. It also runs Starlink, a fast-growing internet business.
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New Street Research set a lower target of $165. That is about 22% above the IPO price.
It did not put a rating on the stock. Even so, its analyst sees huge growth ahead.
He thinks revenue could jump from $18.7 billion in 2025 to $195 billion by 2030. Profit could follow in 2027.
The company lost $4.9 billion last year. So that would be a big turn.
The numbers are still a forecast. A lot has to go right to hit them.
Most of that growth is years away. Today the firm still burns cash.
In his model, SpaceX could be worth about $2.3 trillion by 2027.
He even floated a $330 share price too. That high-end bet rests on SpaceX winning about half of its market.
These two firms moved early because they had to. The big banks that ran the IPO cannot publish views yet.
They helped sell the deal, so a "buy" call now would look like hype. That leaves the smaller shops with first word.
A side market is already trading bets on the stock. Those bets point to it opening above $160.
Demand has been wild. Orders have topped $250 billion, and SpaceX saved about 30% of the deal for regular investors.
Retail demand is rare for an IPO this big. Usually small investors get crumbs.
The first trade will set the tone. A strong open could pull in even more buyers.
At $135, SpaceX would rank among the biggest U.S. firms. That is a lot to live up to.
The first pitch is in. The market gets its say on Friday.
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