SpaceX Stock Is Down 33% From Its High. Here's Why Morgan Stanley Thinks There's 106% Upside From Here.

SpaceX shares have dropped 36% from their all-time high since the June IPO, now trading at levels that Morgan Stanley believes offer 106% upside. The firm reiterated its buy rating with a $300 price target on SPCX, anchoring its bull case on artificial intelligence infrastructure opportunities.

Morgan Stanley analysts project SpaceX's addressable market at $28.5 trillion, with AI opportunities representing $26.5 trillion of that total. The firm argues SpaceX can build industry-leading AI compute infrastructure that delivers cost, speed, and energy-efficiency advantages over competitors.

The 36% decline from highs represents the steepest drawdown for SPCX since its public debut. Morgan Stanley's $300 target implies shares would more than double from current levels, driven primarily by the company's positioning in AI data center and computing infrastructure buildout.