SpaceX's underwriters must comply with a 25-calendar-day quiet period after the IPO, during which they cannot issue research reports or recommendations. That quiet period ends on July 7, freeing these investment banks to initiate coverage—and they are likely to issue buy ratings and high price targets since they hold shares in the company. While SpaceX's Nasdaq-100 inclusion on the same day has drawn attention, the wave of Wall Street analyst endorsements may be the larger catalyst for the stock.
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SpaceX completed its 25th calendar day as a public company on July 6, ending the quiet period that bars its 21 underwriters from issuing research reports or price targets. Starting July 7, these underwriters—including Goldman Sachs as lead underwriter—can legally initiate coverage and recommendations.
Why it matters
The lifting of the quiet period means Wall Street's largest investment banks, which received shares as part of their underwriting role, will likely issue buy-equivalent ratings and generous price targets. This flood of positive coverage could be the most significant catalyst for SpaceX's stock on July 7, potentially outweighing the company's entry into the Nasdaq-100 index that same day.
What to watch
Investors should be cautious about taking the bait of bullish Wall Street coverage, as SpaceX's staggered and accelerated share lockup period is rapidly approaching and has the potential to decimate retail investors.
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