SPACEX $SPCX IS “CHEAP AND GETTING CHEAPER” — MORGAN STANLEY Morgan Stanley just reiterated its Overweight rating and $300 price target on SpaceX. Why call a $2T company “cheap”? Headline valuation: 30x estimated 2028 EV/EBIT vs. 16x for mega-cap AI peers. Growth-adjusted valuation: 0.3x EV/EBIT/Growth vs. 0.5x peer median — about a 40% discount. AI optionality: At $159/share, Morgan Stanley estimates Space + Connectivity account for $127/share, leaving investors effectively paying only $32/share for the AI business. AI compute: Recent short-term neocloud contracts are reportedly priced around $30–$50 per watt, well above the $17.60/watt embedded in consensus estimates. Morgan Stanley target: $300 Potential catalysts: 🚀 Starship Flight 15 📊 Q3 earnings 🚀 Flight 16 before year-end 🤖 New Grok releases ☁️ Additional AI/neocloud deals The thesis: SpaceX isn't just a rocket company anymore — investors are valuing a combination of Space + Starlink + AI + compute infrastructure. At Morgan Stanley’s $300 target, the firm says the growth-adjusted valuation would still be roughly comparable with $AMZN and below $GOOGL and $META. $SPCX #SpaceX #AI #Starlink #Stocks