Susquehanna analyst Charles Minervino has initiated coverage on SpaceX with a Neutral rating and established a price target of $170. The rating reflects a balanced view of the company's current position and future prospects within the market.

Coverage Details

The initiation provides investors with a benchmark for evaluating the performance of SpaceX shares. The Neutral rating suggests that the stock is expected to perform in line with the broader market averages over the near term.

Price Target

The assigned price target of $170 serves as a reference point for the stock's valuation. This figure indicates the level at which Susquehanna believes the shares could trade given current market conditions and company fundamentals.

SpaceX stock fell 16.43% to $154.60 on Monday, resulting in a $400.8 billion decline in market capitalization, marking the second-largest one-day value loss for a U.S. company. The space company's valuation now stands at approximately $2.04 trillion, ranking it as the seventh most valuable company in the world. Economist Peter Schiff noted that Elon Musk lost roughly $150 billion on paper during the session, a figure exceeding Warren Buffett’s total net worth of about $145 billion. Despite the significant loss, Musk remains the world's only trillionaire.

The recent decline continues a multi-day downward trend for SpaceX since its highly anticipated initial public offering (IPO) on June 12. Early investors who bought in at the IPO price of $135 remain profitable, while those who purchased after the first day of trading are facing losses. The stock closed at $160.95 on its debut, and the subsequent volatility has drawn comparisons to significant market corrections. The loss in value is equivalent to the combined market capitalizations of Palantir Technologies and Robinhood Markets, plus an additional $19.1 billion.

Financial Impact and Investor Reaction

SpaceX disclosed it had $100.8 billion in cash and cash equivalents as of June 19. Cathie Wood’s Ark Invest bought 210,121 SpaceX shares across four ETFs on Monday, adding roughly $32.5 million worth of stock at the day’s closing price. The purchases extended Ark’s aggressive bet on SpaceX after it bought about 3.3 million shares on the company’s IPO day. Bullish investors are still betting Musk can drive long-term returns at SpaceX, though the company posted a $4.9 billion net loss in 2025 and lost $4.28 billion in the first quarter.

SpaceX shares were up 1.42% to $156.80 during the after-hours trading session on Monday.