SpaceX IPO Valued at $2.3 Trillion with 22% Upside; Musk Unveils Terafab Pitch to ASML
TSLA•SpaceX’s proposed IPO has attracted a 12-month price target of $165, implying a 22% upside and a $2.3 trillion equity valuation after its planned Cursor acquisition. Elon Musk will pitch a joint Tesla-SpaceX Terafab semiconductor factory to ASML and SpaceX has just received its first analyst ratings.
1. New Street Research Initiates SpaceX Coverage
New Street Research launched coverage of SpaceX with a 12-month price target of $165, indicating 22% upside from the proposed IPO price and a $2.3 trillion equity valuation after its planned acquisition of Cursor. Analysts applied a sum-of-parts discounted cash flow for Starlink, assessed xAI’s enhanced value from the Cursor deal and orbital compute access, and used sector multiples and long-term space market sizing as cross-checks.
2. Terafab Semiconductor Factory Proposal
Elon Musk is set to present a joint Tesla-SpaceX semiconductor factory, branded Terafab, at an ASML employee event ahead of SpaceX’s IPO. The proposal will cover AI, robotics, space applications and advanced chip manufacturing, potentially strengthening in-house supply chains for both companies.
3. First Analyst Ratings for SpaceX
SpaceX has received its first analyst ratings as it prepares to go public, driving investor speculation around potential synergies with Tesla. While some view a Tesla-SpaceX merger as a key thesis for Tesla ownership, other analysts highlight limited strategic rationale for a full corporate combination.
