Space Exploration Technologies Corp (NASDAQ:SPCX) shares are jumping Monday after multiple analysts published supportive research notes on the company.
- SpaceX stock is among today’s top performers. What’s fueling SPCX momentum?
Morgan Stanley Says SpaceX Looks Cheap On Growth-Adjusted Math
Morgan Stanley analyst Adam Jonas reiterated an Overweight rating and a $300 price target on SpaceX in a Sunday note titled “Cheap and Getting Cheaper.” Jonas says investors are judging SpaceX by the wrong measure. Headline multiples make the stock look pricey, but adjusting for growth tells a different story, Jonas said, urging investors to buy before Starship Flight 15.
Near current levels, SpaceX trades at about 30 times estimated 2028 EV/EBIT, a measure that sets enterprise value against operating profit. A peer group of mega-cap AI enablers trades near 16 times. Adjusted for growth, SpaceX falls to about 0.3 times, roughly 40% under the group’s median of 0.5 times. Even at the $300 target, SpaceX would sit around just 0.6 times.
Jonas believes the price already reflects most or all of what the space and connectivity units are worth. Morgan Stanley puts that value at $127 per share. The rest is what investors are paying for SpaceX’s AI business, about 3 times 2028 sales, in line with neocloud companies.
TD Cowen Sees AI Leasing and Starship Driving SpaceX
TD Cowen made a similar case last week when analyst John Blackledge began coverage of SpaceX with a Buy rating and a $200 price target. TD Cowen says investors should buy SpaceX stock because growth in AI and space will lift shares over time.
Blackledge predicts SpaceX’s leasing of ground-based AI computing power will outgrow every other business line. By the first quarter of 2027, Blackledge expects it to bring in more than half of total revenue. Blackledge also forecasts capacity rising from 2.1 gigawatts this year to 6 gigawatts by the end of 2027.
SpaceX Catalysts Include Starship Flight 15 and Earnings
Morgan Stanley sees near-term events that could move the stock. Starship Flight 15 is due in late October or early November. Jonas ranks a possible ship catch above any other upside event since SpaceX went public. Third-quarter earnings in late October could also reveal the economics behind Cursor and Grok Bot.
Blackledge sees Starship, which recently reached orbit Sept. 28, as another growth driver, CNBC reported. It could win SpaceX more demanding government missions, Blackledge said. That would push launch and development revenue above launch services revenue around the first quarter of 2030.
SPCX Shares Are Climbing
SPCX Price Action: SpaceX shares were up 5.24% at $167.29 at the time of publication on Monday, according to Benzinga Pro. With about 91 million shares traded as of 2:30 p.m. ET, the move comes on the back of active turnover during the session.
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