SpaceX's 'out-of-this-world' valuation supported by its rocket launch 'moat,' says Wolfe Research

SpaceX 's $1.77 trillion valuation has had many on Wall Street scratching their heads, but the dominance of the company's launch business supports the massive headline number, according to one Wall Street firm. Launch is the core of SpaceX's business, offering "compelling unit economics everywhere else," Wolfe Research wrote in a Friday note to clients, where it initiated the stock at an outperform with a $175 price target. The target represents nearly 30% upside from the stock's debut price. …