Oppenheimer Initiates SpaceX Coverage
Analysis based on 7 articles · First reported Apr 20, 2026 · Last updated Jun 11, 2026
The initiation of coverage by Oppenheimer Holdings with a bullish 'outperform' rating and a high price target for SpaceX is likely to generate significant investor interest and potentially drive up demand for SpaceX shares upon its market debut. However, the contrasting, more conservative valuation from Morningstar DBRS introduces a degree of uncertainty, which could lead to volatility in SpaceX's stock price as investors weigh different analyst perspectives.
Oppenheimer Holdings has become the first global brokerage to initiate coverage of SpaceX, ahead of its anticipated $75 billion market debut. The brokerage issued an 'outperform' rating and set a price target of $190, implying a potential market capitalization of $2.5 trillion for SpaceX within 12-18 months. Oppenheimer Holdings analyst Timothy Horan highlighted SpaceX — Starlink as the main cash generator and SpaceX's AI business, including Xai, as a future major contributor. While a merger with Tesla, Inc. is considered plausible, both companies are expected to maintain a 'quasi-vertically integrated ecosystem'. New Street Research also initiated coverage with a $165 price target. In contrast, Morningstar DBRS analysts provided a more conservative valuation of $780 billion, citing uncertainties in SpaceX's AI business. J.P. Morgan, Goldman Sachs, and Morgan Stanley are among the underwriters for the IPO.
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