After approximately three weeks in public markets, SpaceX's (SPCX) stock price has dropped to $149 per share, below where it began trading. Now, however, major institutional funds are about to start buying up the stock, and Wall Street is lining up bullish calls.

As SpaceX enters the Nasdaq 100 (^NDX), a cadre of Wall Street's biggest banks initiated coverage of the company, with nearly unanimous bullish views on the "final frontier." Here are some of their calls:

JPMorgan Chase

JPMorgan Chase initiated coverage with an Overweight rating and a price target of $225 per share.

"SpaceX's ambitions — and potential impact on humanity — are bigger than any company's we've ever seen," analysts wrote. "While SpaceX has already reached a $2T+ market cap post its IPO, we believe significant upside potential remains as the company quite literally builds out the next frontier."

Morgan Stanley

Morgan Stanley initiated coverage with an Overweight rating and a price target of $300 per share.

"SpaceX combines near-monopoly launch economics, the world's largest LEO satellite network, and a fast-scaling AI infrastructure business," analysts wrote. "We see the company as one of the few platforms that can link real estate in orbit, global connectivity, and compute capacity into one infrastructure stack."

Goldman Sachs

Goldman Sachs initiated coverage with a Buy rating and a price target of $205 per share.

"We see the company as well positioned to scale its differentiated advantages across space (launch & reusability), connectivity (broadband & mobile satellite constellation) and AI (compute, X, etc.) — with each of these markets having the potential to become multiple trillion-dollar opportunities over a 5+ year time horizon," analysts wrote.

Bernstein

Bernstein initiated coverage with an Outperform rating and a price target of $239 per share.

"In our view, the investment case for SpaceX is about 'if' it can achieve its goals and much less about 'when,'" analysts wrote. "Our timeline for revenue growth from AI data centers is longer than the trajectory described by the company. But, we expect SpaceX to get there, even if it is one or two years late."

RBC Capital Markets

RBC Capital Markets initiated coverage with an Outperform rating and a price target of $225 per share.

"We can appreciate timing risk associated with the company's space aspirations, but we believe sentiment will benefit from a proven track record of disruption and innovation, an almost ~$2T 2035E TAM and virtually unmatched financial resources," analysts wrote.