Space Exploration Technologies (NASDAQ:SPCX) stock has plunged to a record low, wiping out more than $1 trillion in market value as the enthusiasm that fueled its post-IPO rally faded.
The stock ended the week at $123, down 45% from its all-time high. Despite the sharp sell-off, one Wall Street analyst believes SpaceX shares could eventually surge to $800.
Analyst Predicts SpaceX Stock Will Jump to $800
Top Wall Street analysts are highly bullish on SpaceX even as its stock continues falling. Benzinga data shows that the average SPCX stock forecast among analysts is $236, much higher than the current $123.
Raymond James (NYSE:RJF) is the most bullish of all Wall Street banks. In a note, Brian Gesuale initiated the company with a strong buy rating and a target of $800. If this happens, it would bring its market capitalization to over $10 trillion.
He argued that SpaceX’s Starship will create new markets if it achieves full and rapid reusability. Some of the potential use cases will be massive satellite deployments, space-based infrastructure, and space manufacturing.
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He also pointed to Starlink’s role in communications and its rapid revenue growth that will hit $837 billion in 2031.
Other analysts have a bullish outlook for the company. Morgan Stanley has a target of $225, while Needham boosted the price from $200 to $225. Evercore ISI has a target of $230, while Canaccord Genuity believes the stock will hit $246.
Still, the highly bullish estimates by Wall Street analysts has led to questions about independent research. For one, Raymond James participated in the IPO as a co-manager.
Also, all book-running banks like Goldman Sachs, Morgan Stanley, Bank of America, and JPMorgan have all placed a buy rating. Deutsche Bank, which has target of $255 wrote that:
"SpaceX is the apex of civilizational ambition, oftentimes expressed in steel and fire, bending the arc of history."
SPCX Stock to Remain Under Pressure Ahead of Earnings
SpaceX stock will likely remain under pressure as investors wait for its first earnings as a public company. While the date has not been announced yet, chances are that the numbers will come out on August 17 or earlier.
These results will provide more information about its business, including its revenue growth and cash burn. Its most recent results showed that revenues jumped to $4.6 billion in the first quarter from $4.067 billion in Q1’25. It also made a net loss of over $4 billion.
Estimates are that the upcoming earnings results will show that its revenue jumped to $6.87 billion in the second quarter. It is then expected to jump to $12 billion in the third quarter, helped by its data center business. It has reached major deals with companies like Alphabet (NASDAQ:GOOG), Anthropic, and Reflection AI.
Therefore, as with many other IPOs, chances are that the stock will be highly volatile as traders wait for more details from its financial results.
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