Wedbush analyst Dan Ives initiated coverage of SpaceX (SPCX) with a Buy rating. Ives set a $190 price target, implying a total valuation of $2.5 trillion.
The bullish outlook follows the company's initial public offering on June 12, 2026. The stock has faced volatile trading since its market debut.
Wedbush identifies AI infrastructure as the company's largest value driver at $1.8 trillion. The investment thesis also highlights Starlink satellite connectivity and launch services.
Starship vehicle development serves as the primary catalyst for future growth. Ives noted that Starship also represents the single largest risk to the company.