Morgan Stanley Keeps $600 Bull Case for SpaceX Despite 4% Stock Drop

SpaceX stock fell by more than 4% on Tuesday, despite Morgan Stanley maintaining its $600 bull-case valuation. Shares traded at $132.25, down 4.68% from Monday's close of $138.74.

Morgan Stanley analyst Adam Jonas has been bullish on SpaceX, assigning a higher-growth scenario to the company that includes stronger growth across launch services, connectivity, data centers, and enterprise AI. His valuation framework gives a growing role to SpaceX's artificial intelligence and computing businesses.

Jonas also places greater attention on Cursor within the higher valuation scenario, which he links to further upside partly due to its expanding beyond its current AI coding role.