Oppenheimer Holdings Inc

Multiple Wall Street analysts have set valuation targets for SpaceX that could surpass Nvidia's current market cap of about $4.7 trillion. Arete analyst Andrew Beale issued a buy rating with a $401 price target by the end of next year, implying a market cap of about $5.3 trillion. Oppenheimer analyst Tim Horan predicted SpaceX could be worth $10 trillion within five years, while CNBC's Jim Cramer has suggested valuations of $5 trillion to $6 trillion. Much of the optimism is tied to Starlink, which grew from 9 million customers last year to 12 million across more than 160 countries this month and generated $11.4 billion in revenue last year, 61% of SpaceX's total sales. SpaceX is not yet profitable, reporting a net loss of $4.9 billion last year, while Nvidia posted net income of $120 billion in its fiscal 2026.

SpaceX shares have dropped 18% from their post-IPO peak, erasing roughly $620 billion in market value over two days and pulling the company's valuation from nearly $3 trillion down to $2.37 trillion. The stock closed Thursday at $184.98, down 3.6% on the day, with the five-day volume-weighted average price at $181.71, leaving the average open-market buyer near breakeven. The slide was triggered by SpaceX's June 16 announcement that it would acquire Anysphere, the company behind AI coding tool Cursor, for $60 billion in an all-stock deal that carries roughly 3.4% dilution of SpaceX's $1.77 trillion IPO valuation. Morningstar trimmed its fair value estimate to $62 from $63, noting the stock was already significantly overvalued, while Oppenheimer analyst Timothy Horan raised his price target to $250, arguing the deal gives SpaceX access to AI talent and an established developer user base. Retail investors poured $369.8 million into SPCX over its first three sessions, more than four times the amount flowing into Nvidia, but net retail buying cooled to $9.1 million by Thursday afternoon, and a lockup expiry in late July could double the tradeable float, adding further supply-side pressure.