The first Wall Street analyst to put a rating on the stock thinks it is worth less than half what investors are paying.
This week, Keith Snyder at CFRA initiated coverage on SPCX with a Sell rating and a $115 price target, implying roughly 46% downside from current levels, according to Benzinga Analyst Ratings.
It is, so far, the only formal rating on a stock that has jumped more than 55% since its June 12 debut, to a market value near $2.75 trillion.
The bearish call stands out in a market where many investors have embraced Elon Musk‘s vision of combining reusable rockets, global satellite connectivity and artificial intelligence under a single corporate umbrella.
“SpaceX is no longer best understood as a pure-play launch company,” Snyder said in a recent CFRA presentation.
Instead, he views the company as a vertically integrated platform spanning launch services, Starlink connectivity and AI infrastructure.
Snyder’s case is not that SpaceX is a bad company. It is that the price now bakes in businesses that barely exist yet.
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Starlink Is The Real Business
Snyder highlighted that SpaceX has built a formidable business around Starlink, which has evolved into the company’s primary revenue and profit engine.
According to SpaceX’s S-1 filing, the Connectivity segment generated $11.4 billion in revenue in 2025, compared with $4.1 billion from the Space segment and $3.2 billion from AI operations.
Starlink serves approximately 10.3 million subscribers across 164 ...
