SpaceX stock is back above IPO distribution, Wall Street is accelerating its institutionalization

On 1 September, SpaceX stock prices were repositioned at $135 for IPO issues. The market had previously been concerned about the concentration of workers and early investors after the lock expired, but large-scale sales had not occurred and stock prices had risen. The initial rise in SpaceX was partly driven by "frequentity" but, as more shares were gradually lifted, the focus of the market was shifting from "Is stock scarce" to "Who wants to keep the board going." The first large-scale release of 91.2 billion shares is expected to result in an estimated 3 billion additional shares being traded by the end of the year. Meanwhile, Wall Street is accelerating the integration of SpaceX into the institutional investment framework. Multibanks issued target prices at the end of the silent period at a median rate of approximately $225 and between $190 and $800, including approximately $205 for Goldman Sachs, $225 for Morgan Chase and $300 for Morgan Stanley. As analysts' coverage, valuation models, liquidity and potential indices are being refined, SpaceX is moving from "recent assets" to ordinary securities that institutional investors need to configure against assets such as British Wida, Microsoft, Amazon and Google. However, SpaceX ' s current valuation already includes expectations of high future growth in such operations as Starlink, Starship, AI infrastructure and orbital computing. As the stock supply increases, the "scarce premium" will gradually diminish, and the continued rise in stock prices will depend more on the ability of the fundamentals to deliver and the continued absorption of the new supply by institutional funds。