SpaceX Stock Gains as Morgan Stanley Sees AI Upside

SpaceX stock rose 7.35% on Friday and 7.63% on Monday, gaining about 15.4% across two sessions. Shares traded near $175 but remained about 22% below the June record of $225.64. Morgan Stanley analyst Adam Jonas reiterated an Overweight rating and a $300 price target. He said SpaceX stock appears undervalued when expected growth is included, with its estimated 2028 enterprise value-to-EBIT-to-growth multiple at 0.3, below the 0.5 median for comparable mega-cap AI companies. Investors are increasingly focused on SpaceX’s Starlink connectivity, AI computing and launch businesses. The company recently completed Starship Flight 14, reached low Earth orbit and deployed Starlink satellites, despite an early Raptor engine shutdown and an earlier-than-planned mission end. Starship Flight 15, expected within weeks, could become the next major catalyst. SpaceX also faces an aborted Space Development Agency launch and execution concerns around AI infrastructure. Second-quarter revenue rose 92% year on year to $7.81 billion, while adjusted EBITDA climbed 191% to $3.54 billion. The bullish case for SpaceX stock depends on continued launch reliability, lower costs and further growth in Starlink and AI computing.