Analyst Adam Jonas reiterates $300 price target, pointing to Starship progress and emerging AI opportunities as potential catalysts
SpaceX (SPCX) shares climbed nearly 5% Monday after Morgan Stanley analyst Adam Jonas reiterated an Outperform rating and $300 price target, arguing the stock offers an attractive opportunity ahead of several potential catalysts.
In a note titled “SPCX $159: Cheap and Getting Cheaper,” Jonas said investors may have only a few weeks to take advantage of the current valuation before the upcoming Starship Flight 15.
The bullish call follows a successful Flight 14 test, during which Starship reached low Earth orbit and deployed Starlink satellites. Continued progress with Starship could strengthen SpaceX’s position across launch services, satellite connectivity and future space-based infrastructure.
Jonas also believes investors may be underestimating SpaceX’s potential exposure to artificial intelligence. Morgan Stanley’s sum-of-the-parts analysis suggests the market is largely valuing the company’s space and connectivity businesses while assigning less value to opportunities involving AI compute, chipmaking and neocloud infrastructure.
Future AI product announcements, additional compute contracts and continued Starship development could help close that valuation gap, according to Jonas.
With shares trading around $167 Monday, Morgan Stanley’s $300 target implies approximately 80% upside, highlighting the firm’s expectation that SpaceX’s expanding technology ecosystem could become an increasingly important driver of its valuation.
