SpaceX received its first Wall Street sell rating shortly after trading began, with a price target implying a 29% decline from its closing price.
SpaceX (NASDAQ: SPCX) debuted on June 12 as the largest IPO in history, raising $75 billion and closing with a $2.1 trillion market cap. The company became the seventh-largest publicly traded firm, surpassing Broadcom, Tesla, and Meta Platforms.
Less than an hour after trading began, CFRA analyst Keith Snyder assigned SpaceX its first sell rating, setting a price target of $115. Based on the stock’s closing price of $160.95, this implies a potential 29% drop. Snyder cited execution risks in SpaceX’s space segment and growth uncertainty in its AI startup, xAI.
The sell rating contrasts with the strong retail and institutional interest that drove the IPO, marking a cautious early assessment of the company’s long-term prospects.