Wolfe Research Initiates SpaceX at Buy with $175 Target After $75B IPO

SPCX•2026-06-14

Wolfe Research initiated coverage of SpaceX with an Outperform rating and $175 price target following its $75 billion IPO at $135 per share, valuing the company at $1.77 trillion. Analysts project 70% annual revenue growth and near-doubling of EBITDA margins through 2030, driven by Starship's sub-$5 million launch costs.

1. Coverage Initiation and IPO Details

Wolfe Research initiated coverage of SpaceX with an Outperform rating and set a $175 per share price target after the company priced its IPO at $135 per share. The offering raised a record $75 billion and placed the company valuation at $1.77 trillion.

2. Growth and Cost Projections

Analysts forecast 70% annual revenue growth and a near-doubling of EBITDA margins by 2030, citing Starship's successful full reusability. This would cut incremental launch costs from approximately $14 million per Falcon 9 flight to under $5 million per Starship launch, with fuel costs potentially as low as $1 million.