Morgan Stanley has reiterated its ‘Overweight’ rating on SpaceX (NASDAQ: SPCX) and maintained a $300 stock price target ahead of the company’s first earnings report as a public company.
The new SpaceX stock price target implies about 165% upside from the recent share price of $113.
SpaceX is scheduled to report earnings on August 4, with investors closely watching for updates on its AI infrastructure, Starlink business, and long-term growth outlook.
Morgan Stanley analyst Adam Jonas believes the upcoming earnings report could provide greater visibility into SpaceX’s long-term growth strategy, particularly its expanding AI compute business.
Specifically, the analyst sees the biggest upside catalyst in the company’s plans to deploy more than 2 gigawatts of additional AI computing capacity next year.
According to Jonas, each incremental gigawatt could create a significant new revenue opportunity if demand for AI infrastructure continues to accelerate.
Meanwhile, the firm is also looking for progress on large cloud infrastructure agreements, often referred to as neocloud deals, as well as stronger adoption of xAI’s Grok model through Cursor. Faster growth in Cursor’s annual recurring revenue would further strengthen the company’s AI investment case.
While maintaining its bullish SpaceX stock forecast, Morgan Stanley highlighted several risks that could weigh on investor sentiment.
In particular, the firm warned that capital expenditures significantly above its estimated $50 billion for 2026 could pressure profitability.
Additional fundraising before the end of the year may also dilute shareholders, while slower-than-expected Starlink subscriber growth remains another key risk.
Wall Street bullish on SPCX stock price
Notably, Morgan Stanley’s $300 target is above the broader Wall Street consensus but below the most bullish forecasts.
According to data compiled from 30 Wall Street analysts at TipRanks, SpaceX carries a ‘Moderate Buy’ consensus rating based on 23 ‘Buy’, six ‘Hold’, and one ‘Sell’ recommendations.
The average SpaceX stock price target stands at $239.04, representing roughly 110% upside from current levels. Analyst targets range from a low of $115 to a Street-high forecast of $800.
Overall, SpaceX shares have remained under pressure since their record-breaking June IPO, falling sharply from post-listing highs as investors weighed valuation concerns, profit-taking, and the upcoming earnings report.
As a result, the August 4 results are expected to provide the first detailed look at the company’s financial performance as a publicly traded business and could serve as the next major catalyst for the stock.
