Lucid Stock Surges on Wednesday After Cantor Fitzgerald Sees Over 110% Upside

Shares of Lucid Motors jumped more than 15% on Wednesday after analysts at Cantor Fitzgerald said Saudi Arabia’s Public Investment Fund remained committed to supporting the electric vehicle maker. The note eased investor concerns around Lucid’s long-term funding outlook and pointed to potential upside of more than 110% from recent lows.

Cantor Fitzgerald says PIF commitment supports Lucid’s valuation

Lucid shares surged in early trading after Cantor Fitzgerald reported that Saudi Arabia’s Public Investment Fund remained firmly committed to the company. The firm maintained its $21 price target, implying upside of roughly 116% from the prior session’s close.

The rebound followed a prolonged decline in Lucid’s stock, which had fallen about 65% over 2025 and 41% over the previous three months. Lucid’s market capitalization had dropped to around $3 billion, a fraction of the more than $9 billion invested by PIF over the past eight years. The fund currently owned more than 50% of the company, according to Maaal.com.

Cantor Fitzgerald analyst Andres Shepherd wrote that his team had recently met directly with PIF representatives. He said those discussions increased confidence that the fund would continue backing Lucid, noting that uncertainty around PIF’s long-term support had previously weighed on the stock’s valuation.

Autonomous taxi plans and partnerships drive longer-term outlook

Shepherd also pointed to Lucid’s growing autonomous vehicle ambitions following the unveiling of its autonomous taxi platform at CES earlier this month. He said the company planned to deploy more than 20,000 Lucid Gravity vehicles as autonomous taxis over the next six years.

Initial deployment was expected to begin in late 2026 or early 2027, with additional autonomous driving partnerships likely to be announced throughout 2026. Earlier this year, Lucid Motors received approximately $300 million from Uber Technologies as part of its autonomous taxi program, which was launched in partnership with Nuro.

Cantor Fitzgerald said progress on autonomy and partnerships could help reshape investor perception as Lucid worked to stabilize its business and scale future revenue streams.

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