Oppenheimer issues bullish outlook on SpaceX with USD190 price target
New York, June 15
,: Oppenheimer became the first global brokerage to initiate coverage on SpaceX with a bullish outlook for Elon Musk's rocket, internet and AI company, Reuters reported.
The brokerage, in its outlook issued on Thursday ahead of the blockbuster listing, gave a price target of USD190 and an "outperform" rating to the stock.
"We see it as the only vertically integrated AI company with the required capital, data, LLMs, hardware, manufacturing and engineering talent," the Reuters report quoted Oppenheimer analyst Timothy Horan from the brokerage note.
SpaceX made a historic debut on Nasdaq on Friday, ending the day's trading session up 19 per cent at USD161 against an issue price of USD135. The stock started trading a few hours later after the markets opened under the ticker SPCX.
SpaceX President Gwynne Shotwell, who was at Nasdaq with company's CFO Bret Johnsen and other employees, rang the opening bell and was joined by Elon Musk who was witnessing the historic moment from Texas.
Earlier, the rocket company raised USD75 billion from both retail and institutional investors selling around 556 million shares in a successful bidding that saw the offer getting oversubscribed 4x. The company achieved a valuation of USD1.77 trillion ahead of the listing becoming the first ever US company to list at over a trillion dollars. It ended the day with a valuation of more than 2 trillion dollars surpassing some of the marquee Wall Street names like JP Morgan Chase and Meta.
The stock is expected to continue its dream run on the exchanges today as the price soared 6 per cent to USD170 in pre-market trading, CNBC reported.
At the opening bell ceremony, Elon Musk said that the company wants to take the fiction out of science fiction. He said that he never expected SpaceX to succeed but someone had to try.
SpaceX took to public markets offering investors a future that's multiplanetary and envisages building data centres in space.
— ANI
Reader Comments
While I admire the ambition, I'm wary of putting too much money into one company run by Elon Musk. Remember his Twitter acquisition? 😅 Also, making space travel private raises questions about equity. Even at ₹11,000 per share, how many Indians can afford this? We need space for science, not just billionaires.
The "vertical integration" angle is key. India's space sector is booming with startups like Skyroot and Agnikul, but they aren't vertically integrated like SpaceX. If we want to compete, our policies need to encourage such self-reliance. The ₹75,000 crore raised shows global appetite. Time for Indian companies to step up? 🇮🇳
From an investor's perspective, this is exciting. But as someone who follows Indian markets closely, I wonder if this creates a hype cycle. The 4x oversubscription shows FOMO (fear of missing out) is real. Retail investors in India might get drawn in without understanding the risks. #SpaceEconomy #InvestSmart
"Taking fiction out of science fiction" – Elon's words resonate. India's Chandrayaan and Mangalyaan missions proved we can do low-cost space exploration. But can we match the scale of data centres in space? That sounds like sci-fi even now! Still, it's a proud moment for humanity. Jai Hind! 🚀💫
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.