SpaceX (NASDAQ: SPCX) could be receiving little to no valuation credit for its artificial intelligence ambitions after a recent decline in its share price, according to a report by Bloomberg, citing an analysis from Morgan Stanley (NYSE: MS). The investment bank said a potential drop in SpaceX’s stock value toward $100 would imply investors are effectively assigning no value to the company’s AI-related opportunities,
The analysis comes as investors reassess SpaceX’s long-term growth prospects following pressure on the stock after its initial public offering. SpaceX shares began trading on Nasdaq under the SPCX ticker after the company completed its IPO in June 2026.
Morgan Stanley’s argument focuses on a key question facing investors: whether SpaceX should be valued mainly as a rocket and satellite company or whether future businesses linked to artificial intelligence could justify a higher valuation.
SpaceX Stock Decline Puts AI Valuation Under the Microscope
The recent decline in SpaceX shares has intensified debate over how much value investors are assigning to the company’s artificial intelligence ambitions. SpaceX stock surged after its IPO, climbing from its $135 offering price to a $225 all-time high before losing momentum in the weeks that followed, as Wealthier Today reported. SPCX share price later fell to $115, close to the $100 level that Morgan Stanley identified as a key valuation point.
Morgan Stanley analyst Adam Jonas argued that if SpaceX shares were to fall to around $100, the market would effectively be placing little to no value on the company’s AI operations. At that level, investors would mainly be valuing SpaceX’s existing space and connectivity businesses while giving limited credit to future AI-related growth.
The stock decline has raised questions about whether investors are becoming more cautious about the company’s long-term growth story or simply reacting to near-term pressure.
Morgan Stanley Says Investors May Be Ignoring SpaceX’s AI Potential
SpaceX built its reputation through reusable rockets and commercial space launches, but the company has increasingly expanded into other technology areas through its Starlink satellite internet business and its involvement in AI-related projects. Morgan Stanley’s analysis suggests the market may currently be placing most of SpaceX’s value on its existing operations while giving limited recognition to possible future AI opportunities.
Starlink has become one of SpaceX’s most important businesses, providing internet connectivity through a large satellite network. The service has expanded into consumer, government, and enterprise markets, creating a new revenue stream beyond rocket launches.
For SpaceX, the current valuation discussion includes several parts of the business:
- Rocket launches and space transportation
- Starlink satellite internet
- Future AI-related opportunities