Oppenheimer starts coverage of SpaceX ahead of $75B IPO with bullish price target

Oppenheimer just became the first major brokerage to initiate coverage on SpaceX, giving the rocket-and-satellite giant an ‘Outperform’ rating and a $190 price target ahead of what’s shaping up to be the largest IPO in history.

The $75 billion raise is expected to value SpaceX at roughly $1.75 trillion when shares begin trading on the Nasdaq under the ticker SPCX.

What Oppenheimer sees in SpaceX

Oppenheimer’s coverage, initiated on June 11, pegs the IPO share price at $135. The $190 target implies approximately 41% upside.

Analyst Timothy Horan is the one making the bet. His thesis centers on SpaceX’s vertical integration across aerospace and artificial intelligence, projecting a total addressable market of $10 trillion by 2035.

Revenue projections paint a hockey-stick growth curve. SpaceX is estimated to have generated $19 billion in revenue in 2025, with forecasts suggesting that figure could surpass $200 billion by 2030. The primary growth engines: Starlink’s expanding subscriber base and what Horan describes as the convergence between satellite infrastructure and AI workloads.

The IPO demand is staggering

Institutional investors placed orders exceeding $150 billion before pricing was even finalized, roughly double the actual raise target.

Elon Musk will retain 82.4% voting control after the IPO, meaning public shareholders are buying economic exposure to SpaceX without meaningful governance influence.

Why crypto investors should pay attention

SpaceX is not a crypto company. There’s no token, no blockchain integration in the IPO structure, and no direct link to digital assets in Oppenheimer’s coverage.

A $75 billion IPO of this magnitude has the potential to redirect capital in ways that ripple across every risk asset class, including crypto. Portfolio managers have finite budgets for high-beta positions, and a freshly public SpaceX is a direct competitor for those allocations.

Watch the first week of trading closely. If SPCX opens significantly above $135 and holds, it confirms the demand thesis and suggests risk-on sentiment is broadly intact. If it struggles, that could signal a broader cooling in appetite for speculative growth plays.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.