Wall Street banks are keeping astronomical price targets on SpaceX’s stock as it struggles to achieve post-IPO exit velocity

Wall Street’s most ambitious forecasts for SpaceX remain firmly in place, even as the company’s stock fails to gain sustained momentum following its public listing. The centerpiece of this optimism is a Citigroup projection of a $12 trillion market capitalization, a figure that would dwarf every listed company today. The bank’s rationale is tied directly to the artificial-intelligence boom, framing SpaceX as a critical piece of the infrastructure that will power and profit from AI-driven demand.

For investors, this highlights an important distinction in how investment-bank research works. Long-dated price targets often reflect a company’s potential in a best-case scenario, not its current valuation or near-term trading pattern. They are narrative-driven, built around multi-decade adoption curves and total addressable market assumptions. When a stock struggles after its IPO, a high target can look disconnected, but it also signals that the sell-side still believes in the core thesis.

The key question to watch is whether SpaceX’s operational performance can bridge the gap between its current market value and these extraordinary projections. Revenue growth, launch cadence, and the actual profitability of AI-related contracts will matter more than the target itself. Until then, the astronomical price targets are a statement of ambition—not a reflection of today’s share price.