Les actions de SpaceX chutent de 6,8 % le premier jour de leur inclusion dans le Nasdaq-100

SpaceX stocks closed at $149.47 on its first day of Nasdaq-100 inclusion, declining 6.8% from the previous session, according to the Wall Street Journal. The drop occurred despite expectations that $800 billion in passive funds from mutual funds and ETFs tracking the index would drive demand. Jay Hatfield, CEO of Infrastructure Capital Advisors, attributed the decline to hedge funds and short-term traders who had already positioned for the inclusion, compounded by broader weakness in technology stocks.

SpaceX Stock Performance and Volatility Since IPO

The closing price of $149.47 remains above the IPO offering price of $135 from June but falls below both the previous high of $200 and the opening price of $150 on the first trading day. In after-hours trading, the stock recovered approximately 1%, returning to the $150 range. The stock has exhibited high volatility since its June IPO.

Bond Market Raises Investor Concerns

SpaceX recently issued $25 billion in corporate bonds, which initially received investment-grade ratings but traded at spreads typical of speculative-grade "junk bonds" in the secondary market. The spread on bonds maturing in 2036 widened from 1.4 percentage points over U.S. Treasuries at issuance to 1.65 percentage points in secondary trading, indicating investors demand higher yields to compensate for perceived risk.

Wall Street Analysts Issue Buy Ratings with $229 Target

Eleven firms, including Goldman Sachs and Morgan Stanley, issued "buy" ratings on their first day of coverage, according to London Stock Exchange Group data. Many of these firms participated in the June IPO underwriting and could issue opinions after the "quiet period" ended. Combined with existing coverage, 23 firms now cover SpaceX with a consensus target price of $229, representing a 53% premium to the closing price of $149.47, as reported by Nikkei.

Growth Projections Focus on Communications and AI

Morgan Stanley projects SpaceX's communications business will generate earnings before interest and taxes (EBIT) of $65.9 billion by 2030, fifteen times the 2025 level. The firm forecasts the AI business will turn profitable this year and reach $95.9 billion in EBIT by 2030. Goldman Sachs and Morgan Stanley estimate AI operations will represent approximately 70% of enterprise value, while JPMorgan projects 80%. Nikkei noted that expectations may be premature, as the AI business currently operates at a loss.

FAQ

What happened to SpaceX stocks on its first day in the Nasdaq-100?

SpaceX stocks closed at $149.47, down 6.8% from the previous session, on its first day of Nasdaq-100 inclusion. The decline occurred despite expectations that passive funds would drive demand.

What is Wall Street's price target for SpaceX stocks?

Twenty-three analysts covering SpaceX have a consensus target price of $229, which is 53% above the closing price of $149.47. Eleven firms issued "buy" ratings on their first day of coverage.

What are analysts' projections for SpaceX's AI business?

Morgan Stanley projects SpaceX's AI business will turn profitable this year and generate $95.9 billion in EBIT by 2030. Goldman Sachs and Morgan Stanley estimate AI operations will represent approximately 70% of the company's enterprise value.