Elon Musk's rocket venture Space Exploration Technologies Corp. is slated to list on the Nasdaq 100 index on Monday after a blockbuster IPO.
Despite its initial strength, SpaceX shares have shed over 18% from a record high of $192.8, though the company continues to trade above its listing price. The stock settled 1% lower at $160.42 and have fallen over 6% in the last five days.
Does the weakness ring an alarm for Elon Musk's new darling? Well, not quite. Analysts view of SpaceX point to a more picture.
Out of the 34 analysts tracking the stock on Bloomberg, 28 suggest buying it, five have a 'hold' call on the shares, while only 1 advises selling it.
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Additionally, many prominent global brokerages have 'buy' equivalent ratings for SpaceX, with Morgan Stanley, JP Morgan and Wells Fargo giving the stock an 'overweight' call.
Others including Bernstein, RBC Capital, Wedbush and William Blair expect the company to 'outperform'. On top of this, the average 12-month consensus price target of $236 implies an upside of over 47%.
SpaceX's Bumper Wall Street Debut
SpaceX made a strong debut on US exchanges, with shares opening at $150 apiece, an 11% premium to the IPO issue price of $135 per share.
The IPO, which raised around $75 billion, was more than four times oversubscribed, highlighting strong appetite for one of the most anticipated market debuts in recent years.
The company raised $75 billion in the IPO, pricing 555.6 million shares at $135 each, according to a statement on its website. SpaceX's IPO was more than double the size of Saudi Aramco's $29.4 billion listing in 2019.
Post its landing on Nasdaq, Elon Musk became the first-ever trillionaire, though the title did not seem to have set in stone as he could only keep it for 10 days. He reclaimed the bastion on June 30, 2026 after shares of Tesla and SpaceX soared amid renewed investor interest.
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