SPCX
Wall Street meets the final frontier
Morgan Stanley analyst Adam Jonas just started coverage of SpaceX with a very spicy call: a $300 share bull-case target, versus roughly $160 in the market. Translation: the bank thinks Elon Musk’s space empire still has a lot of runway left before it hits escape velocity.
Not just rockets anymore
Jonas didn’t stop at launch pads and satellites. He sketched out a future where SpaceX becomes:
- a broadband giant through Starlink,
- a launch powerhouse with Starship driving down costs,
- and eventually a player in AI infrastructure, both on Earth and in space.
He also floated some eye-popping long-term numbers — $319 billion in revenue by the end of the decade and $3.3 trillion by 2040. That’s not a typo, that’s a “please sit down before reading further” kind of forecast.
The catch? Cash. Lots of it.
Here’s where the story gets less sci-fi and more spreadsheet:
- Morgan Stanley thinks SpaceX could need about $300 billion in annual capex by 2031.
- Free cash flow may not turn positive before 2035.
- The biggest risk, according to Jonas, is that SpaceX may need up to $84 billion in external capital per year from 2027 through 2034.
So yes, the upside story is huge. But so is the bill.
Why investors should care
SpaceX is becoming the kind of company that can bend multiple markets at once: launch, satellites, connectivity, and maybe even AI compute. If Morgan Stanley is right, this is less a “space stock” and more a next-gen infrastructure platform with a valuation story that could make your head spin.
Big picture: Wall Street is betting SpaceX could become one of the defining platforms of the next decade — but it may need a small planet’s worth of cash to get there.