Morgan Stanley analyst Adam Jonas initiated coverage of SpaceX (SPCX) with an overweight rating. He set a $300 price target, implying nearly 90% upside from the prior close. Jonas also presented a bull case of $600 per share, which would value the company at approximately $8 trillion.
The initiation follows the company's June 2026 IPO. The stock is also scheduled to debut on the Nasdaq-100 index.
The investment thesis frames SpaceX as physical-world AI infrastructure. Growth is driven by the Starlink satellite network and terrestrial compute capabilities. The bank's report highlights the company's role in global connectivity and data infrastructure beyond its launch services.
SpaceX shares fell 1.7% in pre-market trading ahead of the index inclusion. The coverage initiation is widely viewed as a key event for the newly public company.