big number
$1.45 trillion. That’s the peak of Musk’s net worth, achieved on June 16 as SpaceX shares hit an all-time high, above $225. Since then, the stock has plunged more than 38%.
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surprising fact
Even as SpaceX shares stumble, Wall Street is largely bullish on the stock: Raymond James set an $800 price target, implying a market valuation well above $10 trillion. Brokers on average expect SpaceX shares to be worth $236, according to FactSet data, with targets of $401 from Arete Research, $300 from Morgan Stanley and $205 from Goldman Sachs. Raymond James analyst Brian Gesuale argued his firm’s position on SpaceX came as Musk’s rocket maker was “building the foundational platform for the next generation of industrial capacity.”
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key background
SpaceX’s stock has been volatile since a record-setting debut last month. Shares of SpaceX peaked at an all-time high just a day after its IPO, after which the stock has declined in 11 of 17 total trading sessions. Longtime Tesla bull Dan Ives wrote in a note for Wedbush Securities that SpaceX was “one of the most differentiated assets within the tech market.” Ives also argued Musk’s rocket maker was “well-positioned to become a major hyperscaler” across connectivity, rocket launches and AI infrastructure.
further reading
ForbesElon Musk’s Net Worth Drops $50 Billion In Latest SpaceX SelloffBy Ty Roush
ForbesElon Musk’s Net Worth Drops $50 Billion In Latest SpaceX SelloffBy Ty Roush