Oppenheimer has initiated coverage of SpaceX with an Outperform rating and a $190 price target. This valuation implies approximately 41% upside from the initial public offering price of $135. SpaceX is scheduled to list on Nasdaq tomorrow under the ticker SPCX, entering the market with a pre-trading valuation near $1.75 trillion.
The bullish thesis centers on Starlink, which reported 10.3 million subscribers at the end of the first quarter of 2026. Oppenheimer projects domestic adoption will reach 15 million US broadband subscribers by 2030. Analysts expect the satellite service to expand beyond rural markets and compete directly with legacy cable and fiber providers in suburban territories.
SpaceX’s offering is set to raise approximately $75 billion, making it the largest IPO in history by a significant margin. The Outperform rating signals analyst conviction that shares will outpace the broader market over the next 12 to 18 months.