A $1.77 trillion price tag left plenty of people on Wall Street confused. Then the first ratings rolled in.
Almost all of them were bullish. The reason wasn't rockets in general - it was that few rivals can launch them.
Three firms started coverage on SpaceX at once. All three told clients to buy.
SpaceX is the biggest IPO the market has ever seen. That alone made every analyst note a must-read.
Outperform is Wall Street talk for buy. It means a firm expects the stock to beat the market.
Three buy calls on day one is rare for a fresh stock. New listings often get a wait-and-see note instead.
Wolfe Research set a $175 target. That sits nearly 30% above where the stock opened.
Oppenheimer went higher at $190, about 40% above the IPO price. New Street set $165, a 22% gain.
For a company this size, that's a strong vote. The bulls all point to the same thing: launch.
SpaceX handles five of every six U.S. space launches. That figure comes from a 2025 Georgetown report.
Wolfe analyst Myles Walton put it plainly. He said there's no bigger edge than a near lock on leaving the planet.
A moat is the advantage that keeps rivals out. This one is about as literal as it gets.
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SpaceX lands and reuses its rockets. Most rivals throw theirs away.
That cuts the cost of every trip. Lower costs make it hard for others to match on price.
Launch isn't just the headline business. Wolfe says it gives SpaceX strong cost math across everything else it does.
Walton called reusing the Starship rocket the biggest driver of future value. It is the key to the whole story.
Owning the only cheap road to space launches is like owning the only road into a gold rush town. Everyone has to pay your toll.
The cost edge also feeds the AI angle. SpaceX wants to win on price, not on software.
Running AI takes huge computing power, and that power is costly. SpaceX thinks cheap space access can help lower that bill.
Both OpenAI and Anthropic are expected to go public this year. SpaceX hopes to undercut them on the cost of computing power.
Wolfe doesn't expect it to beat them on models. It expects SpaceX to build its own pipeline from the ground up.
The targets are bullish, but they aren't promises. They lean on SpaceX keeping its launch lead.
They also need Starship to prove it can be reused at scale. If that works, the cost edge grows even wider.
For now, Wall Street is betting the moat holds.
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