Morgan Stanley has initiated coverage of Elon Musk’s newly listed SpaceX with an Overweight rating and a $300 price target, arguing that the company’s secret AI weapon, a vertically integrated terrestrial‑plus‑orbital compute stack, could make it one of the most powerful infrastructure platforms of the AI era.
In a note, the brokerage firm says SpaceX now combines “near‑monopoly launch economics, the world’s largest LEO satellite network, and a fast‑scaling AI infrastructure business” into a single, integrated stack of real estate in orbit, global connectivity and compute capacity. The bank’s base‑case model projects SpaceX revenue rising from about $45 billion in 2026 to $319 billion in 2030 and an eye‑catching $3.3 trillion by 2040, with the largest upside tied to Starship, Starlink capacity, terrestrial compute and orbital compute.
