SpaceX stock target $300 as Morgan Stanley flags AI opportunity

Morgan Stanley has set a $300 price target for SpaceX, arguing that investors are undervaluing the company's artificial intelligence business. Analysts led by Adam Jones said the value assigned to SpaceX's AI operations at the current stock price is 'extremely conservative,' according to a Morgan Stanley research note cited by Hindustan Times. SpaceX stock, which listed at $135 per share in June 2026, has fallen to about $140, down from a high of $225.

SpaceX's AI business includes data-centre leasing deals with Anthropic and Alphabet, and its planned $60 billion acquisition of AI startup Cursor, which makes a coding tool used by OpenAI, Nvidia and Adobe. Morgan Stanley expects Cursor's annual revenue run rate to rise from $4 billion in June 2026 to $33 billion by 2028. SpaceX's profitable Starlink segment generated $4.29 billion in revenue and $1.65 billion in income last quarter, while the rocket business posted a $542 million loss on $962 million in revenue, Hindustan Times reports.

The company's Starship vehicle could become operational as early as the fourth quarter of 2026. Livemint reports that Elon Musk controls 6.4 billion shares, or 48.4% of SpaceX, valued at about $900 billion at Friday's close. Major holders include Alphabet with 551 million shares, Nvidia with 123 million shares, and funds such as Fidelity and BlackRock. About 319 million shares unlock this week, with 4.2 billion shares set to unlock by year-end.