Morgan Stanley Reiterates Overweight on SpaceX With $300 Target on AI and Starship

Morgan Stanley has reaffirmed its Overweight rating and $300 price target on SpaceX, citing the company's expanding AI compute infrastructure and upcoming Starship tests. Analyst Adam Jonas highlighted the firm's Distributed Inference Cloud as an overlooked catalyst, estimating each additional gigawatt of compute capacity could add $27 per share. The bullish outlook follows strong quarterly results where revenue rose 92% to $7.8 billion and net losses narrowed to $541 million. Growth is further underpinned by an $8 billion spectrum deal and impending Starship test flights.