SpaceX IPO Coverage Splits: MoffettNathanson Calls 18% Downside While Rivals See 28%-87% Upside

Following SpaceX's blockbuster IPO, MoffettNathanson initiated coverage on Tuesday with a neutral rating and $131 price target, implying approximately 18% downside from Monday's close of $160.42. The firm stated that no conventional valuation model supports SpaceX's roughly $2 trillion market capitalization and questioned several long-term growth assumptions, including a $30 trillion total addressable market estimate and orbital compute deployment targets.

In contrast, Deutsche Bank, Bank of America, and Raymond James launched bullish coverage with price targets suggesting 28% to 87% upside potential. SPCX stock traded down 5.6% on Tuesday afternoon.