Morgan Stanley Sets SpaceX Price Target at $300, Says AI Valuation Overlooked

According to Morgan Stanley analyst Adam Jonas, SpaceX shares fell to approximately $110.85, down 18% from its mid-June initial public offering price of $130.85. Jonas maintained a "buy" rating and assigned the stock a $300 price target, with more than half of that valuation linked to the company's artificial intelligence operations including Grok and Cursor. Jonas argued that the market is heavily discounting SpaceX's AI-related assets and that a further decline toward $100 per share would suggest investors are placing no value on the AI business.
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