Key Takeaways
- SpaceX joins Morgan Stanley’s Space 60 index with Overweight rating and $300 price objective
- Shares trading 9.7% beneath first-day IPO closing price
- The Starlink network manages 10,000+ satellites serving approximately 12 million users in 160+ nations
- Morgan Stanley projects revenue expansion from $45 billion in 2026 reaching $3.3 trillion by 2040
- Evercore ISI launches coverage with Outperform designation and $230 target price
Following the conclusion of the mandatory post-IPO quiet period, SpaceX (SPCX) captured significant attention this week as two prominent Wall Street institutions released inaugural research reports. The stock currently trades 9.7% lower than its initial closing price.
Space Exploration Technologies Corp., SPCX
Morgan Stanley launched its coverage with an Overweight recommendation and established a $300 price objective, characterizing SpaceX as a comprehensively integrated enterprise bridging space operations, global connectivity, and artificial intelligence capabilities. In a CNBC appearance, analyst Adam Jonas emphasized that SpaceX’s launch services deliver cost-per-kilogram to orbit at one-twentieth the expense of rival providers.
The investment bank incorporated SpaceX into its Space 60 roster ā a broad-based index tracking publicly listed enterprises throughout the space industry supply chain. The latest additions to this list included HawkEye 360, Applied Aerospace & Defense, and Satellogic. Meanwhile, Qorvo, Iridium, Globalstar, and Teck Resources were dropped from the index due to ongoing merger and acquisition transactions.
As of March 2026, SpaceX has executed approximately 650 orbital missions, maintaining an impressive 99% mission success rate according to reports. This exceptional performance record forms a fundamental pillar of the optimistic investment thesis.
Television personality Jim Cramer commented on Morgan Stanley’s analysis, observing that Jonas “likes SpaceX the company more than he likes SpaceX the stock.” This represents an important differentiation ā admiration for the underlying business doesn’t necessarily equate to immediate stock price optimism.
Starlink Anchors Revenue Projections
Starlink stands as the primary revenue generator for the company. The satellite network operates over 10,000 spacecraft, constituting approximately 75% of all functional maneuverable satellites currently in orbit. The service provides broadband connectivity to roughly 12 million paying customers across more than 160 nations, while Starlink Mobile connects about 7.4 million unique devices monthly.
Morgan Stanley’s revenue projections present a remarkable growth trajectory: $45 billion in 2026, escalating to $319 billion by 2030, and ultimately reaching $3.3 trillion by 2040. The firm anticipates capital investment requirements will climb to approximately $300 billion annually by 2031.
ClearBridge Large Cap Growth Strategy, an IPO participant, identified SpaceX’s reusable rocket technology as its fundamental competitive advantage. Their second-quarter investor communication highlighted how integrating SpaceX’s launch capabilities with Starlink creates opportunities to expand into AI infrastructure and orbital data center computing solutions.
Evercore Issues Outperform Rating
Evercore ISI released its coverage assessment this week as well, assigning an Outperform rating alongside a $230 price target ā representing a more measured outlook compared to Morgan Stanley’s $300 valuation.
Evercore recognized that “the feasibility of certain ambitions and timelines can be debated,” while asserting there’s no question that SpaceX represents “an extraordinary company on a real path to reshaping the future of humanity.” The firm’s financial models project revenue and EBITDA compounding at annual rates of 106% and 157% respectively through 2028, with accelerating growth anticipated as the decade unfolds.
SpaceX shares presently trade 9.7% beneath the day-one IPO closing level, with two significant analyst initiations now publicly available ā one projecting $300 upside, the other targeting $230.
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