SpaceX Gains Wall Street Backing Ahead of Nasdaq-100 Debut
Wall Street investment banks have started coverage of Elon Musk’s SpaceX with bullish ratings ahead of the company’s inclusion in the Nasdaq-100 index, a move that is also attracting attention from the crypto market because of the firm’s Bitcoin holdings.
Morgan Stanley, Goldman Sachs, Citigroup, UBS, and Wells Fargo all issued positive views on the stock, pointing to SpaceX’s long-term growth potential across space technology, satellite internet, and artificial intelligence.
SpaceX lands bullish ratings from Morgan Stanley and Goldman Sachs $SPCX @seekingalpha pic.twitter.com/qin8vNpTBX
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) July 7, 2026
Despite the optimistic outlook, SpaceX shares traded lower before joining the Nasdaq-100, while crypto traders continued to monitor the company’s position as one of the index’s largest corporate Bitcoin holders.
Wall Street backs SpaceX with buy ratings
Morgan Stanley began coverage of SpaceX with an “Overweight” rating. Analyst Adam Jonas assigned a base-case price target of $300 and a bull-case target of $600, suggesting significant upside from current levels.
Jonas said the company’s future growth could be driven by lower-cost Starship launches, expanding space-based AI infrastructure, and the continued growth of the Starlink satellite internet network.
Goldman Sachs also initiated coverage with a Buy rating and a $205 price target. Analyst Eric Sheridan said SpaceX is well-positioned across the space, connectivity, and AI sectors, which he believes could each develop into multi-trillion-dollar markets over the next five years.
Citigroup also started coverage with a Buy rating and a 12-month price target of $200. UBS and Wells Fargo joined the broader bullish outlook with positive recommendations.
Why are crypto investors watching SpaceX?
SpaceX’s Nasdaq-100 entry is drawing attention beyond traditional equity markets because the company ranks among the index’s largest corporate Bitcoin holders, alongside Strategy and Tesla.
Its inclusion increases the exposure of Bitcoin-linked companies within one of the world’s most widely tracked technology indexes. As institutional investors track the Nasdaq-100, crypto market participants are watching whether the move could strengthen interest in firms holding large Bitcoin reserves.
Meanwhile, Strategy’s market valuation recently dropped below the value of its Bitcoin holdings for the first time, raising new concerns about investor confidence in the company’s long-running cryptocurrency strategy.
SpaceX shares slip as Bitcoin holds key support
SpaceX shares closed 0.98% lower at $160.42 on Monday after recent profit-taking reduced weekly gains to just above 2%.
The stock declined another 1.75% in premarket trading on Tuesday ahead of its Nasdaq-100 debut. On Hyperliquid, SPCX USDC perpetual contracts also fell about 3.15% to $159.17, with trading volume reaching approximately $284 million.
Meanwhile, Bitcoin continued to hold above its 200-week moving average near $62,865. The cryptocurrency traded around $63,300 after reaching a 24-hour high of $64,597, while daily trading volume remained more than 70% higher as market participants monitored renewed institutional activity.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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