Tesla Trades as SpaceX Proxy Amid Intensifying Merger Speculation

On June 24, analysts increasingly frame Tesla as a SpaceX proxy as merger talk grows following SpaceX’s June IPO. The shift began June 22 when Jefferies cut its price target to $375 and warned that a merger could turn TSLA into a SpaceX tracking stock detached from fundamentals. Baird countered on June 23 with a $522 target and Outperform rating, projecting a Tesla-SpaceX combination within 12-18 months. Tesla shares rose 3.1% to $412.92 on June 22 while ARK Invest added 54,815 shares; SpaceX stock fell 7.8% to $170.58 after its IPO. The narrative now centers on valuation re-rating rather than near-term EV results.