Morgan Stanley: SpaceX AI Computing Potential Undervalued, Starship Q4 Operations Key

Morgan Stanley maintained an overweight rating on SpaceX with a target price of $300 in its September 15, 2026, report. The firm values SpaceX's enterprise AI computing at $165 per share, accounting for over half of its valuation, while satellite broadband is valued at $118. The report highlights that the market currently undervalues SpaceX's AI infrastructure, which leverages vertical integration to reduce costs. Key catalysts include the operational launch of Starship in Q4 2026 and the $1.1 billion neocloud deal. Earnings forecasts for 2026 and 2027 were slightly raised, though risks remain regarding Starship's launch cadence and Starlink subscriber growth.