Key Points
Space Exploration Technologies (NASDAQ: SPCX) has seen a significant decline in its stock value since its IPO on June 12, 2023. The initial price was $135, opening at $150 and peaking at $225, but has since fallen nearly 35% to the $150 range after two months of trading.
According to Morgan Stanley, the company has a $300 price target for SpaceX stock, reflecting an undervaluation of its artificial intelligence potential. Analysts highlighted that the AI segment could tap into a $22.7 trillion market opportunity as the company continues to expand its offerings, including a $60 billion acquisition of AI startup Cursor.
In the second quarter, SpaceX reported $962 million in revenue with a loss of $542 million from its space operations, while its Starlink segment generated $4.29 billion in revenue and $1.65 billion in profit, serving 12 million subscribers. Morgan Stanley anticipates substantial growth in revenue from the Cursor acquisition, projecting an increase from $4 billion in June to $33 billion by 2028.
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