SpaceX: The stock price fell back to around $100, and the value of AI options is almost free. Reiterate positive rating (Morgan Stanley)
A Morgan Stanley report pointed out that if SpaceX's stock price hits $100 per share, it means about 18 times forward EV/EBIT, and the market has hardly priced the AI business, and the space and connection business profit expectations are also lower than the b
A Morgan Stanley report pointed out that if SpaceX's stock price hits $100 per share, it means about 18 times forward EV/EBIT, and the market has hardly priced the AI business, and the space and connection business profit expectations are also lower than the baseline scenario. Analysts reiterated their "positive rating" rating, highlights that investors view it as an attractive entry point and pay attention to positive catalysts such as Starship testing, Cursor and Grok updates, and new cloud transactions, and take advantage of potential selling pressure callbacks caused by the expiration of the lock-up period. One-sentence conclusion: The current pullback in SpaceX's stock price provides investors with a window to obtain "free call options" on the AI business at a very low price, and the core business valuation already has a safety cushion. Positive/negative: Positive for SpaceX (SPCX.US). The report clearly states that the value of AI options at the current stock price is not priced by the market and is a potential upside catalyst. Catalyst: Starship Test Flights 14 and 15 (expected in September and October), which will be the first V3 Starship booster recovery and the first orbital Starship flight. Substantial updates on Cursor ARR and Grok adoption rates, with the Cursor acquisition expected to close by the end of Q3. Additional large Neocloud deal, SpaceX expects to double computing power to 2GW by the end of the year. Release of Grok 4.6 (2 trillion parameters) and Grok 5.0 (6 trillion parameters).