As soon as the quiet period ended, Wall Street rushed to issue bullish calls on SpaceX—some predicting gains of nearly 90%!

Major Wall Street brokerages issued their first research reports on SpaceX following its IPO, unanimously assigning 'Buy' ratings. The highest target price implies an upside of nearly 90% relative to the current share price—marking SpaceX’s formal, systematic endorsement by institutional analysts. At least six brokerages have initiated coverage of SpaceX, all assigning ratings equivalent to 'Buy.' Morgan Stanley rated the company 'Overweight,' setting a target price of $300—the highest on Wall Street—and implying roughly an 87% upside from SpaceX’s Monday closing price of $160.42. Goldman Sachs and UBS also launched coverage with 'Buy' ratings, setting target prices of $205 and $210, respectively. This wave of analyst reports followed the expiration of the underwriters’ quiet period this week. SpaceX’s IPO raised $86 billion, jointly led by Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase, with another 18 banks participating. The analysts’ collective commentary provides investors with a valuation framework that moves beyond the simplistic 'Musk概念股' (Musk-related stock) narrative. AI Infrastructure Narrative Drives the Highest Target Price Morgan Stanley delivered the most aggressive valuation on Wall Street. In its July 7 research note, the firm’s analyst team wrote that SpaceX can “massively convert energy into intelligence and monetize it through diverse consumer- and enterprise-facing solutions—leading the next era of AI… This is the final frontier.” Morgan Stanley set a $300 target price for SpaceX, accompanied by a wide scenario-based range: $75 in a pessimistic case and $600 in an optimistic one. On revenue, the firm forecasts SpaceX’s top line reaching $319 billion by 2030—and soaring further to $3.3 trillion by 2040. At the core of this narrative is Morgan Stanley’s repositioning of SpaceX not as a traditional aerospace operator, but as an AI infrastructure company—one whose business model holds strong monetization potential across both consumer and enterprise segments.

U.S. largest crypto exchange Coinbase has opened IPO allocation applications to retail investors. How should we view the current state and future prospects of Real World Assets (RWA)?

Coinbase Opens Retail IPO Access for Oura—Don’t Rush to Celebrate ‘Financial Inclusion’ Yet Over the past few days, crypto communities and financial media outlets have widely circulated a piece of news: Coinbase now allows U.S. retail investors—just like institutions—to submit IPO subscription applications at the offering price directly within its app. The first offering is Oura, a smart-ring maker; the platform states it will prioritize long-term holders. Headlines accompanying the story typically read: “Financial inclusion advances again” or “Now retail investors can participate in IPOs.” I stared at the phrase “priority given to long-term investors’ rights” for quite some time—and the more I looked, the more suspicious it felt. What truly merits attention here isn’t merely the surface-level fact that retail investors now have another IPO access point. Rather, what Coinbase is actually doing is embedding a traditional investment banking primary-market IPO distribution chain inside a crypto exchange’s interface—using its licensed brokerage subsidiary—and simultaneously turning “holding loyalty” into an algorithmic rating system. Hold your applause: Retail IPO access isn’t Coinbase’s innovation Let’s clarify Coinbase’s product first. On September 21, 2026, Coinbase announced that qualified U.S. retail investors could submit a “Conditional Offer to Buy” via the IPO page in its app after a company discloses its expected price range—securing shares at the offering price before public trading begins. Oura’s debut offering plans to issue 50 million shares, with a price range of $40–$44 per share, raising up to ~$2.2 billion and valuing the company at ~$15.6 billion. Its revenue for the nine months ended June 30 totaled ~$1.21 billion, up ~74% year-on-year. On the day the news broke, Coinbase’s own stock (COIN) opened ~5% higher, reaching ~$204; meanwhile, Bitcoin surged to $85,000—the highest level in eight months. It sounds novel—but Robinhood introduced retail IPO access back in 2021, using a random lottery system where every eligible applicant had equal odds, regardless of account balance. Coinbase’s novelty doesn’t lie there. More critically, Coinbase itself does not act as an underwriter. The actual execution is handled by its subsidiary, Coinbase Capital Markets (CCM)—a FINRA-registered broker-dealer. In the Oura deal, CCM serves only as a best-efforts selling group member: purely an agent, holding no inventory and making no principal commitments. Its allocated shares come from a small portion distributed by the lead underwriters, while clearing and custody are handled by Apex Clearing. The lion’s share remains firmly with Wall Street’s lead underwriters—Goldman Sachs and others. The Real Innovation: Turning “Holding Loyalty” into an Algorithmic Rating What truly differentiates Coinbase is its allocation algorithm. Officially, it prioritizes “longhaul” (long-term) holders. The rules are explicit: If you sell your IPO shares within 30 days of allocation, you’ll be banned from future IPO allocations for 60 days. Repeat such behavior, and your future allocation size and frequency will shrink progressively.

Kronos Worldwide (NYSE:KRO) Trading 6.8% Higher - Here's Why

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Kronos Worldwide shares rose 6.8% following a Zacks 'strong-buy' upgrade and earnings showing a smaller loss than expected, despite revenue missing estimates.

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