BREAKINGVIEWS-Wall Street gets high on Elon Musk's SpaceX supply

SpaceX
NASDAQ-100

SpaceX

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NASDAQ-100

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The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

By Jonathan Guilford

NEW YORK, July 7 (Reuters Breakingviews) - Banks behind the rockets-to-AI venture’s $2 trln IPO are now ballparking market caps as much as 400% higher in fawning new reports. Oddly, the wilder the target, the lower the revenue estimates. It echoes the cult of Tesla: dimmer results simply presage a brighter promise beyond.

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CONTEXT NEWS

Dozens of equity analysts published their first reports on Elon Musk's SpaceX on July 7, the same day as the stock entered the Nasdaq-100 index.

The company, which builds rockets and artificial intelligence models, completed its initial public offering on June 12, selling shares for $135 apiece. They closed on July 6 at $160.40, and were down 5.5% at 1130EDT on July 7.


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