# DZ Bank Tells Clients To Sell SpaceX. Sees Stock Falling To $100.

> Source: <https://247wallst.com/investing/2026/08/21/dz-bank-tells-clients-to-sell-spacex-sees-stock-falling-to-100/>
> Published: 2026-08-21 14:08:58+00:00

DZ Bank initiated coverage of SpaceX with a Sell rating and a $100 price target on August 21, 2026. Against Thursday’s $134 close on a $1.03 trillion company, the target is a rare public bear call on a recently public mega cap, and it deserves a close look from long-term holders.

| Ticker | Company | Firm | Action | Old Rating | New Rating | Old Target | New Target |
|---|---|---|---|---|---|---|---|
| SPCX | SpaceX | DZ Bank | Initiation | N/A | Sell | N/A | $100 |

## Analyst’s Case

The DZ Bank Analyst Markus Leistner warned of “crash risk in the valuation orbit.” Capital expenditures reached $18.37 billion in a single quarter, with $15.83 billion directed to [AI compute infrastructure](https://247wallst.com/investing/2026/08/05/spacex-has-already-lost-ai-race/), and management guided the next two quarters to a similar CapEx level. That buildout has to be powered, cooled, and networked by somebody, which is exactly why we rounded up seven suppliers behind the AI data-center boom in a [free report here](https://247wallst.com/pages/ai-power-seven-offer-d905ec99.html). Add the [pending $60 billion Cursor acquisition expected to close in Q3 2026](https://247wallst.com/investing/2026/04/30/why-chamath-palihapitiya-is-praising-elon-musks-60-billion-cursor-bid/) and a $541 million net loss, and the bear case writes itself.

## Company Snapshot

**SpaceX** ([NASDAQ:SPCX](https://247wallst.com/companies/SPCX/) | [SPCX Price Prediction](https://247wallst.com/companies/spcx/price-prediction)) is a vertically integrated aerospace, telecommunications, and artificial intelligence company operating across Space, Connectivity, and AI segments. In its first public quarter, revenue reached $7.81 billion versus a $6.82 billion consensus, a 14.59% beat, with a loss per share of $0.09 against a $0.29 estimated loss. AI segment revenue grew 247% year over year, Connectivity revenue hit $4.29 billion, and [Starlink subscribers doubled to 12.0 million](https://247wallst.com/investing/2026/06/09/starlink-now-reaches-more-people-than-live-in-china-and-india-combined-and-its-still-just-getting-started/). The company ended the quarter with $93.52 billion in cash and a $47.5 billion backlog.

## Why the Move Matters Now

SpaceX stock has been under pressure since its debut. Shares closed at $134 on August 20, 2026, down 16.74% from the June 12 close of $160.95, and opened Friday trading at $131.54. Float mechanics matter. A widely circulated r/stocks post flagged that “[up to 911.5M shares held by employees and early investors become eligible to trade](https://247wallst.com/investing/2026/08/06/100-billion-in-spacex-shares-just-unlocked-so-why-isnt-the-stock-crashing/),” more than the roughly 639M shares sold in the IPO. “Less than 5% of the company was initially available to trade. That scarcity was a big part of the setup, and now it starts changing,” the author wrote. Against that supply backdrop, DZ Bank’s Sell initiation carries more weight than the isolated rating suggests.

## What It Means for Your Portfolio

For retirement-focused investors, the DZ Bank Sell initiation is a useful counterweight to the bullish narrative. The operational story is intact: management is projecting $100 billion of ARR by December 2026 and sees a path to $1 trillion in revenue by 2030. The risk is the price to get there. With CapEx guided to remain elevated, a $60 billion acquisition pending, and [post-lockup supply hitting the market](https://247wallst.com/investing/2026/07/06/ex-nasdaq-ceo-warns-spacexs-unprecedented-lockup-expiration-could-flood-the-market-with-800-billion-in-shares/), the SpaceX thesis hinges on execution. The revised outlook warrants a closer look, even as near-term volatility remains a real risk.

*Contact [email protected] for any questions or corrections.*