SpaceX Trades at IPO Levels as Bulls Forecast a Multitrillion-Dollar Upside

SpaceX has surrendered most of its post-IPO gains and trades around $113, well below the $236.71 consensus target, amid a sector-wide space reset as RKLB and ASTS slide. Raymond James is the outlier with an $800 target, modeling SpaceX as a multi‑platform infrastructure company spanning launch, Starlink broadband, and orbital compute, plus an Anthropic deal. The bull case hinges on Starship’s reusability, Starlink’s cellular rollout, and orbital compute, while bears warn of lock-up expiries, xAI funding, and profitability uncertainty. The piece counsels a cautiously constructive, patient approach rather than chasing a quick rebound.