Backpack

Starlink

Tesla

Elon Musk

<a href="https://www.thestreet.com/crypto/tag/elon-musk" rel="noopener noreferrer nofollow">Elon Musk'</a>s rocket company is hours away from going public, and Wall Street is already placing its bets.
SpaceX lists on the Nasdaq on June 12 under the ticker SPCX at $135 per share, in what would be the <a href="https://www.thestreet.com/investing/stocks/elon-musk-reveals-his-grand-ambitions-for-spacex-ahead-of-ipo" rel="noopener noreferrer nofollow">largest IPO in stock market history</a>.&nbsp;
The company is targeting a $1.75 trillion valuation and aims to raise $75 billion from the offering.
<a href="https://www.thestreet.com/crypto/markets/big-short-investor-sends-warning-on-spacexs-june-12-ipo" rel="noopener noreferrer nofollow">Related: 'Big Short' investor sends warning on SpaceX's June 12 IPO</a>
<h2 id="wall-street-weighs-in">Wall Street weighs in</h2>
Oppenheimer became the first brokerage outside the IPO's underwriting syndicate to put a formal rating on the stock.&nbsp;
Analyst Timothy Horan initiated coverage with an "outperform" rating and a price target of $190, implying a 41% gain from the listing price and a market capitalization of roughly $2.5 trillion within 12 to 18 months.
Horan's case rests on a simple argument: no other company is doing what SpaceX does.&nbsp;
<blockquote>
 "We see it as the only vertically integrated AI company with the required capital, data, LLMs, hardware, manufacturing and engineering talent," he wrote in a note published Thursday, as quoted by <a href="https://www.reuters.com/business/media-telecom/oppenheimer-launches-wall-streets-first-coverage-spacex-with-bullish-outlook-2026-06-11/" rel="noopener noreferrer nofollow">Reuters</a>.
</blockquote>
In his view, Starlink drives the near-term revenue story, but the AI division, which includes xAI, eventually becomes the biggest earner.&nbsp;
Horan also called a future Tesla merger "plausible," though he expects both companies to stay closely linked rather than fully combine, to preserve their access to capital.
Soon after&nbsp;Horan's rating,&nbsp;New Street Research followed with a 12-month price target of $165.
<h3 id="trending-on-thestreet-roundtable">Trending on TheStreet Roundtable:</h3>
<ul>
 <li><a href="https://www.thestreet.com/crypto/markets/veteran-investor-ties-bitcoin-selloff-to-spacex-anthropic-ipos" rel="noopener noreferrer nofollow">Veteran investor says SpaceX, Anthropic IPO frenzy behind Bitcoin selloff</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/elon-musk-brings-back-his-mcdonalds-happy-meal-offer" rel="noopener noreferrer nofollow">Elon Musk brings back his McDonald's Happy Meal offer</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/michael-burry-drops-bombshell-on-spacex-openai-anthropic-ipos" rel="noopener noreferrer nofollow">Michael Burry drops bombshell on SpaceX, OpenAI IPOs</a></li>
</ul>
The bull case is not unanimous. <a href="https://www.cnbc.com/2026/06/03/morningstar-spacex-ipo-target-price-nasdaq.html" rel="noopener noreferrer nofollow">Morningstar put SpaceX's</a> fair value at $780 billion, less than half the IPO target, arguing that the outlook for xAI and social platform X remains too uncertain to justify the premium.
Oppenheimer's Horan also flagged a likely supply crunch at the open, expecting heavy retail demand and fast-tracked index inclusion to create an imbalance in SPCX shares early on.&nbsp;
<figure>
 <figcaption>
 Elon Musk, chief executive officer of Space Exploration Technologies Corp. (SpaceX), at an event in Hawthorne, California, U.S., on Thursday, May 29, 2014. 
 Getty Images
 </figcaption>
</figure>
Earlier this week, Wolfe Research added to the noise, noting that a <a href="https://in.investing.com/news/stock-market-news/potential-implications-from-spacex-ipo-for-tesla-5446575" rel="noopener noreferrer nofollow">SpaceX-Tesla merger has moved</a> from fringe theory to mainstream investor thesis for many Tesla holders, though Oppenheimer itself sees little strategic logic in the deal.
<a href="https://www.thestreet.com/crypto/markets/jpmorgan-issues-fresh-warning-for-corporate-giants-dollar-reserves" rel="noopener noreferrer nofollow">JPMorgan</a>, Goldman Sachs and <a href="https://www.thestreet.com/investing/morgan-stanley-shares-key-ipo-realities-for-new-investors" rel="noopener noreferrer nofollow">Morgan Stanley</a> are among more than a dozen banks underwriting the IPO. Unlike those banks, outside brokerages face no quiet period restrictions and can publish ratings freely around the listing date.
<h2 id="why-crypto-traders-are-paying-attention">Why crypto traders are paying attention</h2>
<a href="https://www.sec.gov/Archives/edgar/data/1181412/000162828026036936/spaceexplorationtechnologi.htm" rel="noopener noreferrer nofollow">SpaceX's S-1 filing</a> revealed the company holds 18,712 Bitcoin on its balance sheet, valued at approximately $1.29 billion at the end of the first quarter against a cost basis of around $661 million.&nbsp;
That puts SpaceX among the largest corporate Bitcoin holders globally, behind Strategy and ahead of Tesla.
Crypto markets have also been running their own price discovery on the stock.&nbsp;
The SPCX-USDC perpetual contract on Hyperliquid launched in May at $150, <a href="https://www.thestreet.com/crypto/markets/traders-are-pricing-spacex-70-higher-before-its-june-12-ipo" rel="noopener noreferrer nofollow">reached $216 at its peak</a>, and has settled around $163 recently, all above the $135 IPO price. The on-chain market is signaling the stock opens higher.
For those who want direct exposure through crypto, Sunrise and Backpack Securities are launching a tokenized version of <a href="https://www.thestreet.com/crypto/markets/solana-users-can-trade-spacex-stock-starting-june-12" rel="noopener noreferrer nofollow">SPCX on Solana on the same day</a> the stock hits Nasdaq.&nbsp;
The token can be redeemed for actual SpaceX shares and moved to a traditional brokerage, a first for a newly listed stock of this scale.
<a href="https://www.thestreet.com/crypto/markets/goldman-sachs-makes-bold-prediction-for-biggest-ipo-in-2026" rel="noopener noreferrer nofollow">Related: Goldman Sachs makes bold prediction for biggest IPO in 2026</a>

Wall Street makes its first big bet on SpaceX

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TheStreet Roundtable

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