SpaceX Stock Falls Below $115 After IPO as Morgan Stanley Sees AI Value Underpriced

According to Morgan Stanley analyst Jonas, SpaceX stock fell to $115.07 on Friday, down roughly 18% from its $135 IPO price in mid-June, suggesting the market has largely failed to price in the company's artificial intelligence business value. Jonas set a $300 price target, with over half of the valuation attributed to SpaceX's AI operations including Grok and Cursor.

If the stock were to decline to $100, the market would effectively assign zero or negative value to SpaceX's AI business, Jonas noted. On Wall Street, 80% of analysts tracking the company maintain buy-equivalent ratings, with an average price target of approximately $232, according to Bloomberg data. SpaceX is scheduled to report its first earnings as a public company on August 4, after which restricted shares will begin to unlock in phases, potentially adding selling pressure.