Morgan Stanley has released a research report maintaining an Overweight rating on SpaceX (SPCX.US) with a price target of $300, implying nearly 90% upside from the October 2 closing price of $158.96.
Analyst Adam Jonas and his team put forward a broader thesis: space is becoming the ultimate venue for converting energy into intelligence in the AI era.
Morgan Stanley points out that space is the ideal place to convert energy into intelligence at scale — it is like a "big, cold, sun-drenched backyard." As ground-based data centers confront power bottlenecks and siting controversies, the weight of this logic is rising.
The report specifically flags a new phenomenon called "Space Washing." As the anti-data-center movement gains momentum, more and more companies will begin touting the benefits of space, moving the computing narrative skyward.
Morgan Stanley notes that several tech giants have already made clear moves in the space AI infrastructure space, and SpaceX is not the only player placing big bets.
Name Change to SpaceXSI: The "Superintelligence" Ambition Behind a Single Letter
Elon Musk announced that he is renaming his AI division SpaceXAI to SpaceXSI — an upgrade from "Artificial Intelligence (AI)" to "Superintelligence (SI)."
Morgan Stanley urges investors to savor the deeper meaning: the move echoes Trump's executive order — which calls for replacing "artificial intelligence" with "superintelligence" in non-statutory executive documents.
Previously, Musk made a high-profile appearance during a recent state visit to China, and was just appointed by Defense Secretary Hegseth as co-head of "Project Meridian," sharing that title with Anduril CEO Palmer Luckey and former House Speaker Gingrich.
Morgan Stanley states plainly that these seemingly trivial and unrelated events actually form a clear thread: forces represented by the "Muskonomy" are being viewed by the U.S. national strategy to rebuild domestic manufacturing and defense capabilities as a key piece of the puzzle.
Valuation Breakdown: How the $300 Figure Is Calculated
Morgan Stanley uses a sum-of-the-parts (SOTP) method, breaking SpaceX into four components: space business at $8, connectivity business (Starlink) at $118, X and Grok at $8, and enterprise AI at $165.
Among these, enterprise AI alone accounts for more than half, but has already been discounted by 50% due to execution risk.
From "the last mile of AI" to "the superintelligence renaming game," what Morgan Stanley's report really wants to say is this: when the physical bottleneck of computing power manifests on the ground, space is no longer a sentimental narrative but the next main battlefield for AI infrastructure — and SpaceX is standing right at the starting line of this race.
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