Morgan Stanley Sees SpaceX Reaching $300 as Analyst Values AI at Just $162 Billion
Updated
Updated · The Motley Fool · Aug 24
Morgan Stanley Sees SpaceX Reaching $300 as Analyst Values AI at Just $162 Billion
3 articles · Updated · The Motley Fool · Aug 24
Summary
$300 a share is Adam Jonas's new one-year target for SpaceX, with a $600 bull case, after the stock rebounded to about $140 following its post-earnings slide.
Jonas argues SpaceX's non-AI businesses already justify $127 of the current share price, leaving the AI unit effectively valued at only $162 billion despite its larger long-term upside.
Space and Connectivity generated $17.9 billion in sales and $8.6 billion in EBITDA over the past 12 months, while AI posted $5.1 billion in sales and negative $313 million in EBITDA.
His thesis depends on a sharp earnings swing by 2028: Space and Connectivity EBITDA rising to $31.5 billion and AI turning into a roughly $95.3 billion EBITDA business.
The call comes after SpaceX beat quarterly expectations with a $0.09-per-share loss on $7.8 billion in sales, even as insider lock-up expirations added near-term selling pressure.