SpaceX Will Surpass Amazon and Microsoft on Its Way to a $3 Trillion Valuation, According to One Wall Street Analyst

SpaceX dethroned Saudi Aramco on June 12, becoming the largest initial public offering (IPO) in Wall Street's storied history.

SpaceX's leading position in the space economy and the potential for platform synergies have one Wall Street analyst excited.

However, Wall Street's high-water price target is overlooking a laundry list of historical headwinds that strongly suggest SpaceX will struggle in its first year as a public company.

Overseas oil giant Saudi Aramco has officially been dethroned . On Friday, June 12, Elon Musk's SpaceX (NASDAQ: SPCX) went public and nearly tripled the all-time capital raise for an initial public offering (IPO) , raising $75 billion. Its $2.1 trillion market cap at the end of its first trading session slots in this artificial intelligence (AI) and space infrastructure conglomerate as the seventh-largest public company on U.S. exchanges.

However, the SpaceX story is just getting started, according to Wall Street's biggest SpaceX bull, Rob Chang, who sees Musk's company surpassing Amazon and Microsoft .

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Fewer than a half-dozen Wall Street analysts weighed in with a price target on or before SpaceX's first trading day, but KGI Securities' Rob Chang was among them. He set an outperform rating on the newly public company, along with a $227 price target , representing 41% upside from its June 12 close. This implies a roughly $2.97 trillion valuation, which would slot SpaceX ahead of Amazon and Microsoft, based on their respective market caps as of June 12.

KGI's optimism stems from SpaceX's lead position in the space economy and the potential for platform synergies from acquisitions and ongoing innovation.