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

Investment-bank research on SpaceX has entered rarefied air. Amid the broader artificial-intelligence boom, Citigroup has reportedly projected a $12 trillion market capitalization for the company — a figure that would place it far above any public corporation today. The headline numbers are striking precisely because SpaceX’s post-IPO trajectory has so far been uneven, with shares struggling to sustain the momentum that many early investors expected.

For investors, it helps to understand what such a target actually represents. Bank price targets are scenario-based estimates, not guarantees. In a retail-driven market where narratives around AI and space infrastructure carry outsized weight, firms often publish "blue-sky" valuations to capture upside potential. That does not make the research wrong, but it does mean it reflects a particular set of assumptions about future launches, Starlink adoption, and capital-raising conditions.

The key question to watch is whether operational fundamentals—revenue, launch cadence, and cash flow—begin to validate these projections. Until then, the gap between astronomical targets and post-IPO price action is a reminder that research is a lens, not a verdict.