Morgan Stanley: SpaceX Target Price $300, AI Compute Valuation Undervalued

According to Chaotang Research, Morgan Stanley's September 15, 2026 research report maintains an Overweight rating on SpaceX with a $300 price target against a current price of $148.15, indicating upside potential of 102.5%. Morgan Stanley breaks down the target price into four segments: $165 for AI compute, $118 for satellite broadband, $8 for rocket launches, and $8 for X and Grok. AI compute accounts for more than half of the valuation. The report raises its 2026 earnings per share forecast by 1% and its 2027 estimate by 3.8%, primarily reflecting the newly disclosed $1.1 billion NeoCloud deal.