That Didn't Take Long: SpaceX Earned Its First Wall Street Sell Rating Less Than an Hour After Trading Began

SpaceX completed a historic $75 billion IPO on June 12, 2026, becoming the seventh-largest publicly traded company with a $2.1 trillion market cap. However, CFRA analyst Keith Snyder issued a sell rating within an hour of trading, citing execution risks in Starship development and growth uncertainty in xAI. The analyst set a $115 price target, implying a 29% decline from the $160.95 closing price. SpaceX faces historical headwinds including a 113 P/S ratio far exceeding historical norms and a pattern of large tech IPOs averaging 55% year-one drawdowns.