Overview
- Reuters reported that Morgan Stanley’s ETrade is negotiating to handle the retail portion of SpaceX’s IPO, with sources stressing the plans remain preliminary.
- Elon Musk said on X that reports about cutting Robinhood from the deal are false after users urged him to include the platform.
- Robinhood shares recently traded near $66, about 54% below their 52-week high, following the distribution reports and fresh analyst updates.
- Bernstein SocGen lowered its HOOD price target to $130, kept an Outperform rating, and forecast 25% EPS growth in 2026 with roughly 30% revenue growth from 2025 to 2027.
- Morgan Stanley, a lead underwriter on the deal, could route retail shares through ETrade, which it bought in 2020, a setup that may edge out Robinhood and SoFi despite their roles in Arm and Instacart’s 2023 IPOs.