TLDR
- Morgan Stanley added SpaceX to its Space 60 list, initiating coverage at Overweight with a $300 price target
- SpaceX stock is down 9.7% from its day-one IPO close
- Starlink operates over 10,000 satellites and serves roughly 12 million broadband subscribers across 160+ countries
- Morgan Stanley forecasts SpaceX revenue growing from $45 billion in 2026 to $3.3 trillion by 2040
- Evercore ISI initiated coverage with an Outperform rating and a $230 price target
SpaceX (SPCX) has been in the spotlight this week after two major Wall Street firms put out fresh coverage following the expiry of the post-IPO quiet period. The stock is currently down 9.7% from its day-one close.
Space Exploration Technologies Corp., SPCX
Morgan Stanley initiated coverage at Overweight with a $300 price target, calling SpaceX a vertically integrated business spanning space, connectivity, and AI. Analyst Adam Jonas also highlighted in a CNBC interview that SpaceX’s launch business offers 20 times lower cost-per-kilogram to orbit than its competitors.
The firm added SpaceX to its Space 60 list — a diversified index of publicly traded companies across the space value chain. Also added to the list were HawkEye 360, Applied Aerospace & Defense, and Satellogic. Qorvo, Iridium, Globalstar, and Teck Resources were removed due to pending M&A activity.
SpaceX has completed roughly 650 orbital launches as of March 2026, with a reported 99% mission success rate. That track record is a core part of the bull case.
Jim Cramer weighed in on the Morgan Stanley call, noting Jonas “likes SpaceX the company more than he likes SpaceX the stock.” It’s a useful distinction — enthusiasm for the business doesn’t always translate directly to near-term price conviction.
Starlink Drives the Revenue Case
Starlink is the real cash engine here. The constellation runs more than 10,000 satellites, representing around 75% of all active maneuverable satellites in orbit. It serves roughly 12 million broadband subscribers in over 160 countries, with Starlink Mobile reaching about 7.4 million monthly unique devices.
Morgan Stanley’s revenue forecast is eye-catching: $45 billion in 2026, rising to $319 billion by 2030, and $3.3 trillion by 2040. The firm also expects capital expenditure requirements to reach around $300 billion per year by 2031.
ClearBridge Large Cap Growth Strategy, which participated in the IPO, flagged SpaceX’s reusable rocket capability as its core competitive edge. Their Q2 investor letter noted that combining SpaceX’s launch operations with Starlink gives the company a platform to expand into AI infrastructure and orbital data center compute.
Evercore Adds an Outperform
Evercore ISI also initiated coverage this week, with an Outperform rating and a $230 price target — a more conservative figure than Morgan Stanley’s $300.
Evercore acknowledged that “the feasibility of certain ambitions and timelines can be debated,” but added it doesn’t think there’s any debate that SpaceX is “an extraordinary company on a real path to reshaping the future of humanity.” The firm models revenue and EBITDA compounding at 106% and 157% respectively through 2028, and expects growth to accelerate as the decade progresses.
SpaceX stock currently sits 9.7% below its day-one IPO close, with two major analyst initiations now on record — one bullish at $300, one bullish at $230.
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