SpaceX (SPCX) Stock Receives Bullish Coverage from Morgan Stanley and Evercore After IPO Quiet Period

Key Takeaways

Table of Contents

Following the post-IPO quiet period, Morgan Stanley launched coverage on SpaceX with an Overweight rating and $300 price target
The company’s shares currently trade 9.7% beneath their initial public offering closing price
The Starlink network encompasses more than 10,000 satellites, delivering broadband service to approximately 12 million customers worldwide across over 160 nations
Morgan Stanley projects revenue expansion from $45 billion in 2026 to a staggering $3.3 trillion by the year 2040
Evercore ISI joined with an Outperform designation and established a $230 price objective

Space Exploration Technologies Corp. (SPCX) captured significant attention from Wall Street analysts this week as the mandatory post-IPO quiet period concluded, allowing major financial institutions to publish their initial research reports. The company’s shares currently sit 9.7% lower than where they closed on their first trading day.

Space Exploration Technologies Corp., SPCX

Morgan Stanley launched its coverage with an Overweight recommendation and established a $300 price objective, characterizing SpaceX as a vertically integrated enterprise that bridges space access, global connectivity, and artificial intelligence infrastructure. During a CNBC appearance, analyst Adam Jonas emphasized that SpaceX’s launch capabilities deliver cost efficiencies that are twenty times superior to competitors when measured by cost-per-kilogram to orbit.

The investment bank incorporated SpaceX into its Space 60 compilation — a curated collection of publicly listed entities representing various segments of the space industry value chain. Joining SpaceX on the list this quarter were HawkEye 360, Applied Aerospace & Defense, and Satellogic. Meanwhile, Qorvo, Iridium, Globalstar, and Teck Resources were dropped from the index due to ongoing merger and acquisition transactions.

With approximately 650 orbital missions completed through March 2026, SpaceX maintains an impressive 99% mission success rate. This exceptional operational record forms a fundamental pillar of the investment thesis.

Jim Cramer offered his perspective on Morgan Stanley’s analysis, observing that Jonas “likes SpaceX the company more than he likes SpaceX the stock.” This represents an important nuance — strong belief in the underlying business model doesn’t necessarily equate to immediate stock price appreciation.

Starlink Network Powers Revenue Projections

The Starlink satellite constellation stands as SpaceX’s primary revenue generator. With over 10,000 satellites in operation, Starlink accounts for approximately 75% of all operational maneuverable satellites currently orbiting Earth. The service delivers high-speed internet to roughly 12 million subscribers spanning more than 160 countries, while Starlink Mobile connects approximately 7.4 million unique devices each month.

Morgan Stanley’s revenue projections paint an ambitious picture: starting at $45 billion in 2026, climbing to $319 billion by 2030, and ultimately reaching $3.3 trillion by 2040. These growth expectations come with substantial infrastructure requirements, as the firm anticipates capital expenditure needs approaching $300 billion annually by 2031.

ClearBridge Large Cap Growth Strategy, an IPO participant, identified SpaceX’s reusable rocket technology as its fundamental competitive advantage. Their second-quarter investor communication highlighted how integrating launch services with Starlink creates opportunities to expand into AI infrastructure and space-based data center computing capabilities.

Evercore Issues Outperform Rating

Evercore ISI published its inaugural coverage report this week, assigning an Outperform rating alongside a $230 price target — representing a more moderate valuation than Morgan Stanley’s $300 assessment.

While Evercore conceded that “the feasibility of certain ambitions and timelines can be debated,” the firm stated emphatically that SpaceX qualifies as “an extraordinary company on a real path to reshaping the future of humanity.” Their financial models project revenue and EBITDA growing at compound annual rates of 106% and 157% respectively through 2028, with acceleration expected as the decade advances.

SpaceX shares currently trade 9.7% below their first-day IPO closing price, now supported by two significant analyst initiations — one establishing a $300 target and another at $230.

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