SpaceX (NASDAQ: SPCX) could rally more than 125% from current levels and reach a record high of $300 per share, according to a new forecast from Morgan Stanley’s Adam Jonas.
If achieved, the stock would add nearly $167 per share from the last closing value of $133 as Wall Street continues to assess the company’s long-term growth prospects.
Jonas has reiterated his ‘Overweight’ rating following SpaceX’s first earnings report as a public company and the recent lock-up expiration that released hundreds of millions of shares into the market.
While some investors viewed the additional share supply as a potential headwind, the Morgan Stanley analyst sees it as an opportunity for long-term investors.
The core of Jonas’ SpaceX stock forecast rests on the company’s expanding artificial intelligence business.
According to his valuation framework, more than half of the $300 price target is tied to SpaceX’s AI operations, with the remainder reflecting its launch services and Starlink satellite connectivity business.
Jonas argues that SpaceX possesses a unique combination of launch infrastructure, satellite networks and AI computing assets. However, reaching the target will depend on the company’s ability to translate its massive AI investments into sustained revenue growth and cash flow generation.
That remains one of the key debates surrounding the stock after SpaceX spent approximately $18.4 billion on capital expenditures in the second quarter, most of it directed toward AI infrastructure.
Wall Street bullish on SPCX stock
Jonas’ target is above the broader Wall Street consensus but remains well below the most bullish forecasts.
Data from 31 analysts over at TipRanks shows an average 12-month SpaceX stock price target of $229.54, implying upside of about 72.4% from current levels. The highest forecast stands at $800, while the lowest target is $75.
Overall sentiment remains positive, with 24 analysts rating the stock a ‘Buy’, five recommending ‘Hold’ and two assigning ‘Sell’ ratings.
SpaceX reported strong second-quarter results in its first earnings release as a public company. Revenue surged 92% year over year to $7.8 billion, while adjusted EBITDA rose to about $3.5 billion.
Starlink remained the company’s largest growth driver, generating more than $4.2 billion in revenue and reaching roughly 12 million subscribers. Meanwhile, SpaceX’s AI segment produced about $2.6 billion in revenue during the quarter.
The company ended the quarter with approximately $100 billion in cash following its record June 2026 IPO and reported a backlog of roughly $47.5 billion.
Management has outlined plans to reach a $100 billion annualized revenue run rate by the end of 2026, supported by growing AI demand, cloud computing contracts and the continued expansion of Starlink services.
