Can SpaceX’s latest rally take Musk’s fortune even higher?
SpaceX shares surged 8% to a June-high close after Morgan Stanley reiterated its bullish outlook, citing AI, chipmaking and Starship opportunities. Elon Musk confirmed ongoing TSMC talks for potential chip production, while Starship Flight 15 could provide another catalyst. The rally also pushed Musk’s estimated wealth above $1 trillion.
SpaceX shares surged about 8% to $171.09 on Monday, marking their highest close since June. The rally followed bullish analyst commentary and fresh developments around the company's AI and chipmaking ambitions. (Sources: Yahoo Finance, CNBC)
Morgan Stanley analyst Adam Jonas reiterated an Overweight rating and a $300 price target for SpaceX. The target implies roughly 89% upside from the stock's Friday close of $158.96.
Morgan Stanley's bullish case goes beyond rockets and Starlink. The firm sees potential upside from AI computing, chipmaking and other artificial intelligence businesses, arguing that investors may not yet be fully valuing these opportunities.
Elon Musk confirmed that discussions with Taiwan Semiconductor Manufacturing Co. (TSMC) are continuing over a potential chipmaking project. The proposed facility could supply chips for SpaceX, Tesla and xAI, although the talks remain preliminary.
Investors are also looking ahead to Starship Flight 15, expected in late October or November. Morgan Stanley sees progress on Starship, AI products and new computing contracts as potential catalysts for the stock.
The SpaceX rally pushed Elon Musk's estimated net worth back above the $1 trillion mark, according to Forbes data cited by Benzinga. Musk was estimated to have gained about $58.7 billion on Monday as SpaceX and Tesla shares rose.
