SpaceX stock fell more than 4% on Tuesday as Morgan Stanley maintained a $600 bull-case valuation. Shares traded at $132.25, down 4.68% from Monday’s $138.74 close, according to the supplied market snapshot. Morgan Stanley analyst Adam Jonas maintains a $300 base target while assigning $600 to his higher-growth scenario. His valuation framework gives a growing role to SpaceX’s artificial intelligence and computing businesses.
Morgan Stanley Keeps $600 Bull Case for SpaceX Stock
Morgan Stanley began covering SpaceX in July with an Overweight rating and a $300 price target. The bank also outlined a $75 bear case and $600 bull case. Jonas based the upper scenario on stronger growth across launch services, connectivity, data centers, and enterprise AI. Morgan Stanley treats those operations as parts of SpaceX’s broader infrastructure platform.
Jonas has also placed greater attention on Cursor within the higher valuation scenario. His assessment links further upside partly to Cursor expanding beyond its current AI coding role. Morgan Stanley expects enterprise AI to become a larger part of SpaceX’s revenue mix over time. Its July model projected total company revenue reaching $319 billion by 2030.
SpaceX Stock Drops 4.68% After Reclaiming IPO Price
Tuesday’s decline followed a three-day rebound that pushed SpaceX stock above its $135 IPO price. Shares closed Monday at $138.74 after gaining 4.2%. Tuesday’s session started at $138.66 before the stock reached $139.98 and later fell to $131.40. According to recent news, SPCX was trading at $132.25 around midday.
SpaceX shares have recorded wide price swings since the company entered public markets in June. The stock previously reached $225.64, while the supplied market data places its 52-week low at $104.83.
Also, trading followed the August 6 lockup expiration, which allowed holders of more than 900 million shares to sell. Retail investors also became net sellers during a recent rally, according to Vanda Research data reported by MarketWatch.
Cursor Deal Expands SpaceX AI Business
SpaceX agreed in June to acquire Cursor parent Anysphere for $60 billion through an all-stock transaction. The agreement followed an April arrangement that gave SpaceX an option to purchase the AI coding company. SpaceX expects the transaction to close during the third quarter of 2026. The deal adds Cursor to the same company structure that already includes xAI.
Morgan Stanley’s valuation model places increasing weight on enterprise software, AI infrastructure, and computing capacity. The bank projected AI revenue rising from roughly $22 billion in 2026 to $190 billion by 2030.
However, its model also estimates SpaceX could require about $84 billion in outside capital annually from 2027 through 2034. The forecast connects those financing needs with spending across compute infrastructure, Starship, and network expansion.
Q2 Spending Keeps Capital Needs in Focus
SpaceX reported second-quarter revenue of about $7.8 billion, representing 92% year-over-year growth. However, the company recorded a $541 million net loss during the quarter. Capital expenditures reached approximately $18.4 billion, with AI-related investments accounting for about $15.8 billion. Those spending figures followed SpaceX’s first quarterly earnings report since its public listing.
Meanwhile, SpaceX continues expanding Starlink, launch operations, and computing infrastructure simultaneously. Starlink reached roughly 12 million subscribers during the quarter as the company increased investment across its businesses.
