XSPC
A fresh bull case with some serious altitude
Morgan Stanley is taking the optimistic route on SpaceX, saying the stock could reach $600 if investors get more clarity on the company’s Cursor/Grok AI storyline and decide the AI business deserves a richer valuation.
That’s not exactly pocket change. It’s the kind of call that can make a stock market crowd lean forward, because the message here isn’t just “we like the company.” It’s “we think the market is still underpricing the growth story.”
The AI angle is doing the heavy lifting
According to CNBC’s readout of analyst Adam Jonas’ note, Morgan Stanley sees a path where investors keep connecting the dots on the Cursor acquisition and SpaceX’s broader AI ambitions. The firm’s model is pretty aggressive:
- Cursor annual recurring revenue could hit $8 billion by year-end
- That could grow to about $33 billion by 2030
- As the story becomes clearer, the valuation discount on SpaceX’s AI business could shrink
Translation: if investors stop treating the AI piece like a mysterious side quest, the stock could get a serious rerating.
Not just rockets anymore?
SpaceX is also making noise about orbital AI data centers, which sounds like something halfway between a sci-fi pitch and a very expensive electricity bill. The company says it could demonstrate orbital AI computing by late 2027, with broader deployments potentially starting in 2028.
So now you’ve got a company that already sells the future via rockets and satellites, and is trying to add “space-based AI infrastructure” to the menu. Ambitious? Yes. Absurdly capital-intensive? Also yes.
Why investors should care
A $600 target is a confidence signal, not a guarantee. But it matters because it suggests the bull camp thinks SpaceX’s current valuation still leaves room for more upside if the AI story becomes easier to believe.
Big picture: when analysts start treating a company’s moonshot as a real model input instead of a cocktail napkin dream, the stock can get a whole new jetpack.