SpaceX (SPCX) shares edged up approximately 1.5% on Tuesday, recovering modestly from a recent selloff that brought the stock close to its initial public offering price. The rebound came amid a broader market rally fueled by weaker-than-expected June inflation data, but the stock remains only slightly above its $135 IPO price, trading near $141.
The broader market advanced after the consumer price index fell 0.4% month-over-month in June, bringing the annual inflation rate to 3.5% — below the 3.8% economists had anticipated. The S&P 500 gained 0.4%, while the Nasdaq Composite rose 0.9%. The Dow Jones Industrial Average traded near flat.
Sharp Pullback From Post-IPO Peak
Elon Musk's rocket and artificial intelligence company priced its IPO at $135 per share on June 11, with shares opening at $150 the following day. The stock climbed as high as $225.64 on June 16 before retreating nearly 40% from that peak. On Monday, shares fell as low as $136.78, narrowly remaining above the IPO price.
The decline has occurred despite broadly positive sentiment from Wall Street analysts. Approximately 80% of analysts covering SpaceX rate the stock a Buy, compared with a typical Buy-rating ratio of 55% to 60% for S&P 500 companies. The average analyst price target stands at about $240 per share, implying a valuation of roughly $3 trillion — representing potential upside of more than 70% from current levels.
Several Wall Street firms have outlined long-term growth scenarios for the company based on expectations for Starlink, reusable launch systems, and future artificial intelligence infrastructure businesses. For more context on recent price action, see our coverage of SpaceX's 4% decline amid geopolitical tensions.
Evercore Initiates With Outperform Rating
On Tuesday, Evercore ISI initiated coverage of SpaceX with an Outperform rating and a $230 price target. Analyst Kutgun Maral described SpaceX as “an extraordinary company on a real path to reshaping the future of humanity.”
According to Evercore, SpaceX has built a vertically integrated business that has established a near-monopoly on orbital access through reusable, low-cost launch technology. The firm projects revenue and EBITDA to compound at 106% and 157%, respectively, through 2028, while forecasting margin expansion from 35% to 69%.
SpaceX generated $19.3 billion in revenue and $3.95 billion in EBITDA in 2025. Evercore said several milestones will be important in validating its long-term investment thesis, including expected progress in Starship payload delivery during the second half of 2026, continued Starlink broadband expansion through 2026 and 2027, and the development of the company’s mobile strategy between 2027 and 2029.
The firm also cited terrestrial compute growth through 2028, orbital compute viability beyond 2029, and enterprise adoption of Grok and Cursor between 2026 and 2028 as additional milestones investors should monitor. For a broader view of how SpaceX is impacting the space sector, read our analysis on Planet Labs' post-IPO decline.
Market Context and Investor Sentiment
The recent pullback in SpaceX shares comes amid a broader market rotation, as retail investors shift from broad index bets to selective trades. The stock’s decline has been sharp but not unusual for high-growth, high-expectation companies following an IPO. Analysts remain strongly bullish, with the average price target implying significant upside.
Investors should note that while the stock trades near its IPO price, the underlying business fundamentals — including Starlink’s expanding subscriber base and Starship’s development milestones — continue to support long-term growth narratives. For additional perspective on analyst sentiment in the tech sector, see our report on Nvidia's analyst outlook.
This article is for informational purposes only and does not constitute financial advice.
