Morgan Stanley sees SpaceX stock reaching $300 amid AI hype

Key facts

• Morgan Stanley maintained an Overweight rating on SpaceX.
• Morgan Stanley set a $300 price target for SpaceX stock.
• SpaceX stock was trading around $171.
• Morgan Stanley believes SpaceX is undervalued relative to its growth prospects.
• Elon Musk recently described SpaceX as a 'Super Intelligence' firm.

Morgan Stanley has reaffirmed its bullish stance on SpaceX, maintaining an Overweight rating and a $300 price target for the company's stock. The firm's analyst, Adam Jonas, suggested that SpaceX is currently undervalued when compared to mega-cap artificial intelligence companies, using growth-adjusted valuations.

According to the analysis, SpaceX stock trades approximately 40% below its AI peers on this basis. This perspective could encourage investors to re-evaluate SpaceX's long-term potential, especially with upcoming events such as future Starship flights and quarterly earnings reports that could bolster the bullish outlook. Positive developments like a successful Starship catch could further solidify SpaceX's position in launch services, infrastructure, and emerging technologies.

The rally in SpaceX's stock price also coincides with Elon Musk's recent characterization of the company as a "Super Intelligence" firm. This description moves beyond SpaceX's traditional identity as an aerospace company and aligns it with the rapidly developing narrative around AI infrastructure. Musk's comments follow President Donald Trump's announcement of a Super Intelligence Force aimed at bolstering America's standing in the superintelligence sector. For investors, this connection is significant given SpaceX's existing operations in launch services and satellite connectivity.