Wall Street is getting bullish on SpaceX again as the stock clambers back to its IPO price following declines in the months after its Nasdaq debut. SpaceX shares closed Friday at $158.96, about 1% shy of the close on the first day of trading in June. SPCX ALL mountain SPCX since going public in June Analysts think the stock is a good value now, relative to its growth potential, even though it's trading at 133 times forward earnings, according to FactSet. "Adjusted for growth, SpaceX is one of the cheaper ways to play the strong optionality of the Space and Intelligence Economy," Adam Jonas at Morgan Stanley wrote in a note to clients Sunday. "Investors still have a few weeks to 'catch' the opportunity before Flight 15." Flight 15 is SpaceX's next test flight of its new Starship rocket, expected later this month or early in November, according to Jonas. Starship hopes The reusable rocket has a payload capacity of more than 100 metric tons and has been frequently cited by Wall Street as a major engine of future profitability due to expected cost savings. SpaceX has an 82% share of the private launch market , according to the World Economic Forum. "[We are] awaiting confirmation from the SpaceX team on whether or not a ship (Starship upper stage) catch will be attempted. A ship catch could be the biggest positive catalyst since the IPO," Jonas wrote. Morgan Stanley rates SpaceX "overweight," with a $300 price target, implying upside of about 88%. Analysts at Wells Fargo expect two to three more SpaceX launches this year. They believe that "booster catch [is] a reasonable target while Ship catch [is] likely a late '27 / early '28 story." SpaceX is redeploying engineers from its launch and connectivity divisions onto orbital data center work, Wells Fargo said. "Engineering team [is] now prioritizing AI satellites ahead of orbital demonstration launch targeted for 2Q:27, with scaled delivery planned once Starship can support the faster launch cadence," Ken Gawrelski at Wells Fargo wrote to investors Sunday. Gawrelski also rates SpaceX overweight, with a $212 price target, implying about 33% upside. Space sector 'trough' Analysts at Deutsche Bank think that the entire space sector may be on the verge of medium-term gains in light of a third-quarter correction that drove down SpaceX 12% The top 50 global space stocks, excluding SpaceX, surged to a combined market capitalization of $270 billion by the end of last year, up from $212 billion in the 2025 third quarter, but fell in the first three quarters of 2026, according to a Monday note from Deutsche Bank, suggesting that the sector is now poised for a rebound. "We've seen four corrections of > 40% in the past four years with the average peak-to-trough decline across the 'New Space' cohort in the U.S. at -44%; the current correction saw a > 60% drawdown at its low, suggesting to us a trough may be in," Edison Yu at Deutsche Bank wrote Monday.
