HSBC initiates SpaceX at hold, sees shares fully valued at $115

According to CNBC, HSBC initiated coverage of SpaceX with a hold rating and a $115 price target, saying the company is already fully valued even after assigning a premium for Elon Musk's track record. The bank said its sum-of-the-parts approach includes a 2 times innovation premium and puts the target below SpaceX's $135 IPO price and recent trading level of about $118. HSBC said investors already appear to be pricing in much of SpaceX's long-term growth potential, including expansion of Starlink, higher launch activity and development of its AI initiatives. The firm also said its most optimistic blue-sky scenario values SpaceX at $293 per share if Starship becomes commercially viable in 2027, launch capacity doubles versus the base case, Starlink reaches a larger addressable market with higher average revenue per user, and the company's AI assets receive richer valuation multiples.