SpaceX stock trades near IPO price, but analysts remain strongly bullish

SpaceX SPCX shares rose about 1.5% on Tuesday, recovering modestly after a recent selloff that brought the stock close to its initial public offering price, as a broader market rally and a fresh bullish analyst initiation supported sentiment.

The stock traded around $141 after falling about 4% on Monday. Despite the rebound, shares remained only slightly above the company's $135 IPO price.

The broader market also advanced after June inflation data came in weaker than expected.

The S&P 500 gained 0.4%, while the Nasdaq Composite rose 0.9%. The Dow Jones Industrial Average traded around the flatline.

The consumer price index fell 0.4% in June from the previous month, bringing the annual inflation rate to 3.5%.

Economists polled by Dow Jones had expected a monthly decline of 0.1% and an annual inflation rate of 3.8%.

Shares recover after sharp pullback

Elon Musk's rocket and artificial intelligence company priced its IPO at $135 per share on June 11, with shares opening at $150 the following day.

The stock climbed as high as $225.64 on June 16 before retreating nearly 40% from that peak. On Monday, shares fell as low as $136.78, narrowly remaining above the IPO price.

The decline has come despite broadly positive sentiment from Wall Street analysts.

Approximately 80% of analysts covering SpaceX rate the stock a Buy, compared with a typical Buy-rating ratio of 55% to 60% for S&P 500 companies.

The average analyst price target stands at about $240 per share, implying a valuation of roughly $3 trillion.

Several Wall Street firms have also outlined long-term growth scenarios for the company based on expectations for Starlink, reusable launch systems, and future artificial intelligence infrastructure businesses.

Evercore begins coverage with Outperform rating

On Tuesday, Evercore ISI initiated coverage of SpaceX with an Outperform rating and a $230 price target.

Analyst Kutgun Maral described SpaceX as "an extraordinary company on a real path to reshaping the future of humanity."

According to Evercore, the company has built a vertically integrated business that has established a near-monopoly on orbital access through reusable, low-cost launch technology.

The firm projects revenue and EBITDA to compound at 106% and 157%, respectively, through 2028, while forecasting margin expansion from 35% to 69%.

SpaceX generated $19.3 billion in revenue and $3.95 billion in EBITDA in 2025.

Evercore said several milestones will be important in validating its long-term investment thesis.

The firm pointed to expected progress in Starship payload delivery during the second half of 2026, continued Starlink broadband expansion through 2026 and 2027, and the development of the company's mobile strategy between 2027 and 2029.

Evercore also cited terrestrial compute growth through 2028, orbital compute viability beyond 2029, and enterprise adoption of Grok and Cursor between 2026 and 2028 as additional milestones investors should monitor.

Earlier this week, Bernstein analyst Douglas Harned reiterated a Buy rating on SpaceX with a price target of $239.