Morgan Stanley Analyst Initiates SpaceX Coverage, Sees Nearly 90% Upside for Elon Musk's SPCX - SpaceX (N

Adam Jonas Bullish on SpaceX

In a new note released on Monday, Jonas predicted a bull case of $300/share for SpaceX, a nearly 87.5% upside from its current price of around $160/share. The analyst also predicted that SpaceX could report revenue of $319 billion by the end of the decade, as well as $3.3 trillion by 2040.

Jonas predicted that, long-term, SpaceX would adopt an end-to-end AI model while also recording $4 billion in annual revenue through Cursor. The analyst also sees the majority of SpaceX’s CapEx spending “directed toward Terafab, Solarfab, and other vertical integration efforts” that would “drive down both $/watt and time-to-power” on Earth.

However, SpaceX would eventually move to space-based AI compute. “While we are believers in the advantages of space-based AI infrastructure over the long-term, we also think the market underappreciates SPCX’s terrestrial AI economics,” Jonas said.

Starship, CapEx Needs