Morgan Stanley Maintains Buy Rating and $300 Target Price for SpaceX

Morgan Stanley's latest research report indicates that although the booster failed to achieve a perfect recovery during SpaceX's 13th Starship test flight, the mission significantly boosted market confidence. The firm emphasized that the test flight successfully completed key validation objectives, including the deployment of the next-generation Starlink V3 satellites, in-orbit engine restarts, and the smoothest ocean splashdown to date, marking an important step towards full reusability of the Starship system. Morgan Stanley believes that if the 14th Starship test flight can achieve direct capture of the spacecraft's upper stage by the launch tower, it will become the next key catalyst for driving SpaceX's valuation upward. Based on the ongoing progress in Starship technology validation and its long-term potential in areas such as AI infrastructure and global satellite connectivity, the firm maintains a 'buy' rating on SpaceX stock and reaffirms the $300 target price. The report also notes that the rapid iteration of Starship and its low-cost launch capabilities are core cornerstones for SpaceX's construction of a 'Space + AI' composite ecosystem. With the acceleration of Starlink V3 satellite networking and the advancement of orbital computing layout, SpaceX is expected to further consolidate its dual leadership position in the commercial space and artificial intelligence infrastructure sectors.