Business News | Oppenheimer Issues Bullish Outlook on SpaceX with USD190 Price Target

New York [US], June 15, (ANI): Oppenheimer became the first global brokerage to initiate coverage on SpaceX with a bullish outlook for Elon Musk's rocket, internet and AI company, Reuters reported.

The brokerage, in its outlook issued on Thursday ahead of the blockbuster listing, gave a price target of USD190 and an "outperform" rating to the stock.

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"We see it as the only vertically integrated AI company with the required capital, data, LLMs, hardware, manufacturing and engineering talent," the Reuters report quoted Oppenheimer analyst Timothy Horan from the brokerage note.

SpaceX made a historic debut on Nasdaq on Friday, ending the day's trading session up 19 per cent at USD161 against an issue price of USD135. The stock started trading a few hours later after the markets opened under the ticker SPCX.

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SpaceX President Gwynne Shotwell, who was at Nasdaq with company's CFO Bret Johnsen and other employees, rang the opening bell and was joined by Elon Musk who was witnessing the historic moment from Texas.

Earlier, the rocket company raised USD75 billion from both retail and institutional investors selling around 556 million shares in a successful bidding that saw the offer getting oversubscribed 4x. The company achieved a valuation of USD1.77 trillion ahead of the listing becoming the first ever US company to list at over a trillion dollars. It ended the day with a valuation of more than 2 trillion dollars surpassing some of the marquee Wall Street names like JP Morgan Chase and Meta.

The stock is expected to continue its dream run on the exchanges today as the price soared 6 per cent to USD170 in pre-market trading, CNBC reported.

At the opening bell ceremony, Elon Musk said that the company wants to take the fiction out of science fiction. He said that he never expected SpaceX to succeed but someone had to try.

SpaceX took to public markets offering investors a future that's multiplanetary and envisages building data centres in space. (ANI)

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