SpaceX priced its IPO at $135 on June 12, raised $85.7 billion, and watched the stock run to $225 in its first week of trading before it pulled back to $160. Twenty-five days later, the mandatory quiet period for IPO underwriters expired. The analyst notes started landing at dawn on July 7.

By the time US markets opened, six major banks had initiated coverage of SpaceX ($SPCX), every one of them with a buy-equivalent rating. The same morning, SpaceX joined the Nasdaq-100. JPMorgan estimates the index inclusion alone sent roughly $4.3 billion in passive buying into the stock.

What Morgan Stanley’s $300 target is actually saying

Adam Jonas, who led the Morgan Stanley coverage, set his base case at…