Just two regular sessions after its initial public offering (IPO), SpaceX (NASDAQ: SPCX) stock has already rallied 42.59% to $192.50, while including the Tuesday pre-market pushes the gains to 56.83% at $211.72. Still, one prominent analyst and broker believes Elon Musk’s newer public company is bound to more than double its value.
Specifically, Angus Aitken of Australia’s Aitken Mount Capital Partners recently opined that SPCX shares are headed to $500: a 270.37% rise from the original $135 and 136.16% from press time.
According to the broker, the surge is likely due to a tight equity float, an expectation that Elon Musk and key insiders will refrain from selling, and an assessment that SpaceX will be continuously delivering on revenue and earnings growth as well as technological innovation, per a June 16 Financial Review report.
Notably, the world’s first trillionaire is bound by a 366-day lockup period for his SPCX equity, and the company estimated its total addressable market will be close to $30 trillion, most of which is related to artificial intelligence (AI).
On the flip side, most SpaceX insiders will benefit from a shorted stock lockup with phased releases, while approximately $2 billion in short and mid-term monthly revenue is set to come from renting out data center capacity – ostensibly built for Grok AI – to Anthropic and Google (NASDAQ: GOOGL).
Wall Street sets SpaceX stock price for next 12 months
Elsewhere, SpaceX stock already boasts three Wall Street 12-month price targets despite trading for only two regular sessions. At press time, SPCX shares are overall rated as ‘Moderate Buy,’ and are, on average, expected to fall 16.88% to $160, per the data Finbold retrieved from TipRanks on June 16.
Oppenheimer’s Timothy Horan was the first institutional analyst to publish a Wall Street forecast when he estimated SpaceX equity will be trading at $190 in 12 months’ time. The expert also issued a ‘Buy’ recommendation to the stock on June 11: a day before the IPO.
Myles Walton of Wolfe Research opted for the same rating when he set his $175 price target on June 14, while Keith Snyder from CFRA took the opposite approach: along with providing a ‘Sell’ recommendation, he estimated SPCX stock would drop 14.81% from the initial price and 45.68% from press time and down to $115.
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