Wall Street's biggest brokerages initiated coverage of SpaceX on Tuesday, with the majority issuing buy ratings and at least one analyst predicting the stock could surge as much as 400 percent, as the rocket maker's post-IPO quiet period officially ended two weeks after its $75 billion June listing.

The enthusiasm was widespread but not unanimous. SpaceX's two lead underwriters — Morgan Stanley and Goldman Sachs — offered starkly different views of the company's fair value, with a gap of nearly $1 trillion between their respective valuations. The divergence underscores the difficulty of pricing a company that straddles aerospace, telecommunications, and internet infrastructure through its Starlink satellite constellation.

The most bullish analyst framed SpaceX not as a rocket company but as a platform business, comparing its long-term trajectory to Amazon Web Services in its early years. The bear case centers on execution risk: Starship, the company's next-generation launch vehicle, remains in development, and the economics of Starlink's global broadband service have yet to prove sustainable at scale.

SpaceX's IPO in June was the largest technology listing in over two years, raising fresh capital as the company pushes to expand Starship operations and grow Starlink's subscriber base past 10 million. The stock has traded with elevated volatility since its debut, reflecting both retail enthusiasm and institutional uncertainty about how to model the company's sprawling ambitions.

The coverage initiations mark a critical juncture. With formal research now available, institutional investors who were previously limited to private-market valuations have new frameworks for evaluating the stock. How SpaceX performs over the next several quarters — particularly on Starship flight tests and Starlink profitability — will determine whether the bulls or the bears were closer to the mark.

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