HSBC initiated coverage of SpaceX with a hold rating and a $115 price target, below the $135 IPO price and recent trading levels around $118. The bank applied a 2 times innovation premium to account for Elon Musk’s ability to commercialize disruptive technologies, using Tesla’s first decade of public trading as a benchmark. According to HSBC, the stock already reflects much of the company’s long-term growth potential, including Starlink expansion, rising launch activity and AI development. In an optimistic « blue sky » scenario, SpaceX would be valued at $293 per share, assuming Starship becomes commercially viable beginning in 2027, launch capacity doubles and Starlink captures a larger addressable market.
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