SpaceX (SPCX) shares have fallen about 33% from their post-IPO peak, even as Morgan Stanley still sees room for the stock to almost double.
Elon Musk’s space and artificial intelligence company went public on June 12th of, 2026, selling shares at $135 each and raising about $85.7 billion after costs.
Its valuation climbed from an initial public offering (IPO) mark near $1.77 trillion to nearly $2.8 trillion before the pullback.
Shares recently traded near $152.71 with a market cap of about $2.1 trillion.
On September 15th, Morgan Stanley reaffirmed its buy rating and $300 price target, implying about 100% upside over the next year, reports The Motley Fool.
Analyst Adam Jonas described SpaceX as a potential generational compounder that converts energy into networked intelligence at scale.
“SPCX has the pieces to build an industry-leading intelligence per watt, per dollar, per second.”
About half of that near-term target rests on AI opportunities, according to Morgan Stanley. SpaceX itself says AI opportunities make up $26.5 trillion of the firm’s $28.5 trillion addressable market.
Longer term, SpaceX expects more than 90% of its growth potential to come from AI, with its space projects supporting that core business.
In a 2020 report, Morgan Stanley said long-term investors would largely benefit from the gains made by space companies.
“[A] new space age is dawning, setting technological goals that would have seemed the stuff of Isaac Asimov in 1969… Although the ‘space unicorns’ have caught the eye of news media, hundreds of other new start-ups have formed in the past several years to explore opportunities in space infrastructure — satellite manufacturing, launch capabilities, IT hardware — and adjacent areas, such as space tourism, satellite broadband, media, and even asteroid mining…
“Because success in space promises to be a multidecade endeavor — with returns on some lofty endeavors that could be many years away — this new economy requires patient investors… For some of these funds, the exit plans can be 50 years out.”
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