• HSBC stated in its note that it remains cautious about pricing in futuristic opportunities such as space-based data centers, Terafab and the lunar economy.

• Even after accounting for an innovation premium, HSBC sees a marginal downside from the stock’s current levels.

• A recent Bloomberg report states that SpaceX has started turning away satellite operators seeking dedicated Falcon 9 launches beyond 2028.

Shares of Space Exploration Technologies Corp. (SPCX) are down about 13% from the initial public offering (IPO) price of $135, but analysts at HSBC are still cautious about the stock’s prospects.

According to TheFly, HSBC analysts initiated their coverage of SpaceX with a ‘Hold’ rating…