STARBASE, Texas, September 1, 2026, 06:25 EDT —
- SpaceX was quoted at $141.95 at 05:57 EDT, down 1.21% premarket.
- Morgan Stanley’s $300 target stands 111% above the premarket price.
- Connectivity’s $1.656 billion quarterly operating profit did not cover losses elsewhere.
Space Exploration Technologies Corp. NASDAQ:SPCX slipped 1.2% to $141.95 before Tuesday’s open. That puts Morgan Stanley’s $300 target 111% above the quote.
The gap rests on one hard question. Can Starlink’s profit fund heavy investment in rockets and artificial intelligence?
The stock closed Monday at $143.69, up 1.55%. It gained 6.4% over six sessions before the premarket retreat S&P Global market data.
Source: S&P Global Market Intelligence via Stock Analysis. Values: Aug. 24, 25, 26, 27, 28, 31 and Sep. 1 premarket.
Wall Street’s range is unusually wide. Google Finance shows 33 targets spanning $75 to $800, with a $228.59 average analyst data.
Source: Google Finance analyst aggregation, viewed September 1, 2026.
Morgan Stanley NYSE:MS analyst Adam Jonas called the first lockup opening an “opportunity.” He expected $300 by mid-2027, the Associated Press reported AP.
That optimism carries a conflict worth noting. Morgan Stanley helped underwrite SpaceX’s June offering, AP reported.
Second-quarter results show why the debate persists. Connectivity supplied 55% of revenue and all segment operating profit.
Source: SpaceX Form 10-Q. Segment shares use reported total revenue of $7.814 billion.
Connectivity earned $1.656 billion at the operating level. Space and AI lost a combined $1.799 billion SEC filing.
Total quarterly revenue rose 91.9% to $7.814 billion. Research spending climbed 81.2% to $3.548 billion.
Services produced $7.353 billion of revenue. Product sales contributed $461 million, underscoring the recurring-service mix.
The $141.95 premarket quote remains 5.1% above SpaceX’s $135 IPO price. It is 37.1% below the $225.64 post-listing high SpaceX offering announcement.
Risks: Faster Starlink growth could support the bullish targets. Higher AI and Starship spending could deepen losses and compress the multiple.
For now, the average target implies 61% upside from premarket. The operating data says Connectivity must keep carrying the investment case.
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