SpaceX NASDAQ:SPCX, Elon Musk's rocket, satellite and artificial intelligence company, is joining the Nasdaq 100 Index NASDAQ:QQQ on Tuesday as Wall Street analysts begin coverage with a strong bullish tilt. At least six brokerages, including Morgan Stanley and Goldman Sachs, have launched buy-equivalent ratings after the quiet period ended following SpaceX's $86 billion IPO. The average 12-month price target stands at $217, suggesting roughly 35% upside from Monday's close of $160.42.
Morgan Stanley analysts, including Adam Jonas, pointed to SpaceX's potential role in AI services as a key part of the longer-term investment case. The firm set a $300 price target, implying an 87% possible gain from Monday's close, while Arete Research holds the Street-high target at $401 and New Street Research opened with the lowest tracked target at $165. Investors may view the analyst coverage as an attempt to frame SpaceX beyond a Musk-driven growth story, though Bloomberg data also shows sell-side ratings are often heavily skewed toward buys.
SpaceX's fast entry into the Nasdaq 100 could provide additional support because many funds track the tech-heavy benchmark. The company was added after Nasdaq rule changes allowed large newly listed companies to enter the index in as little as 15 trading days, and Bloomberg Intelligence estimated that Nasdaq 100 and FTSE Russell inclusion could drive at least $5.4 billion of index-linked buying. Still, shares were about 1.8% lower in premarket trading Tuesday and remain about 29% below their all-time intraday high, suggesting investors may still weigh index demand against valuation and execution concerns.