SpaceX gains after Morgan Stanley flags AI, Starship upside
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Shares of SpaceX (SPCX) rose about 4% on Monday after Morgan Stanley said the rocket and satellite company offered an "unusually cheap" way to play the growing space and artificial intelligence economy, reiterating an overweight rating and a $300 price target.
Current PT implies an 88.7% upside from Friday’s close.
Analyst Adam Jonas said SpaceX (SPCX) looked expensive on conventional metrics but relatively cheap after adjusting for growth. The stock trades at about 30 times estimated 2028 EV/EBIT, versus roughly 16 times for other mega-cap AI enablers, but at only 0.3 times EV/EBIT/growth, about 40% below the peer median.
“At these levels, we think the risks of upside surprises far outweigh those on the downside,” Jonas said.
The brokerage said the market was already pricing in most of SpaceX’s (SPCX) space and connectivity opportunity, leaving about $32 a share for its AI business.
The analyst flagged Starship Flight 15, expected in late October or early November, as a key catalyst. A successful ship catch “could be the biggest positive catalyst since the IPO,” they said.
Further AI compute contracts, new Grok releases, and progress on Starship reusability could also support the stock, while risks include slower AI growth, higher infrastructure costs, and potential dilution.
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