SpaceX shares have slid to a level where the market is effectively saying its AI business is worth zero. That’s the takeaway from Morgan Stanley analysts, who note that with the stock trading near $100, investors are assigning almost no value to the AI capabilities SpaceX absorbed when it merged with Elon Musk’s xAI earlier this year.
For a company that Morgan Stanley projects could generate roughly $190 billion in AI-related revenue by 2030, that’s quite the discount.
The math behind the zero
When SpaceX and xAI completed their merger in February 2026, the combined entity carried a valuation of approximately $1.25 trillion. The IPO target was even loftier: $1.75 trillion.
Earlier funding rounds had priced shares at $421 apiece, based on an $800 billion valuation and a $2.56 billion investment. Now the stock is hovering around $100.
