Morgan Stanley analyst Adam Jonas believes SpaceX shares offer an attractive entry point, with the core Space and Connectivity business valued at approximately $136 per share. The firm projects SpaceX's AI opportunity, including Grok, Cursor, and neocloud, could generate an estimated $100 billion in revenue by 2028, supported by 6 GW of average compute. This AI potential is currently undervalued by investors, despite a $300 price target implying substantial upside.
SpaceX's projected $100 billion AI revenue by 2028, backed by 6 GW of compute, signals a massive new demand source for AI infrastructure.