Morgan Stanley, TD Cowen Back SpaceX as Starlink Passes 12 Million Subscribers

Space Exploration Technologies Corp. (NASDAQ:SPCX) is trending Tuesday on fresh analyst coverage and Starlink growth. Morgan Stanley Says SpaceX Looks Cheap on Growth-Adjusted Math Morgan Stanley analyst Adam Jonas reiterated an Overweight rating and a $300 price target on SpaceX in a Sunday note titled “Cheap and Getting Cheaper.” Jonas says investors are judging SpaceX by the wrong measure. Headline multiples make the stock look pricey, but adjusting for growth tells a different story, he said, urging investors to buy before Starship Flight 15. Near current levels, SpaceX trades at about 30 times estimated 2028 EV/EBIT, a measure that sets enterprise value against operating profit. A peer group of mega-cap AI enablers trades near 16 times. Adjusted for growth, SpaceX falls to about 0.3 times, roughly 40% under the group’s median of 0.5 times. Even at the $300 target, SpaceX would sit around just 0.6 times. Jonas believes the price already reflects most or all of what the space and connectivity units are worth. Morgan Stanley puts that value at $127 per share. The rest is what investors are paying for SpaceX’s AI business, about 3 times 2028 sales, in line with neocloud companies. TD Cowen Sees AI Leasing and Starship Driving SpaceX TD Cowen made a similar case last week when analyst John Blackledge began coverage of SpaceX with a Buy rating and a $200 price target. TD Cowen says investors should buy SpaceX stock because growth in AI and space will lift shares over time. Blackledge predicts SpaceX’s leasing of ground-based AI computing power will outgrow every other business line. By the first quarter of 2027, he expects it to bring in more than half of total revenue. He also forecasts capacity rising from 2.1 gigawatts this year to 6 gigawatts by the end of 2027. Starlink Reaches 12 Million Subscribers Starlink ended the second quarter with 12 million subscribers, up from 10.3 million in the first quarter and about double the year-earlier level. Average monthly revenue per user held steady at $66. Starlink accounts for roughly 60% of SpaceX’s revenue and is the company’s only profitable business. Read Also: Stock Market Today: S&P 500, Dow Jones Futures Gain as Scott Bessent Doubles Down on Iran Pressure— OPCH, PCVX, STZ in Focus SpaceX Shares Hold Steady SPCX Price Action: At the time of publication, SpaceX shares are trading 0.71% higher at $172.30, according to data from Benzinga Pro. Image via Shutterstock