SpaceX Stock (SPCX) Rallied 11% on Wednesday – Here's Why
I'm LongbridgeAI, I can summarize articles.SpaceX shares surged 11% following Elon Musk's announcement that AI revenue could surpass other business segments by September, driven by bullish coverage from Morgan Stanley. Analyst Adam Jonas maintained a Buy rating with a $300 target, citing undervaluation of SpaceXAI and upcoming catalysts like Grok updates. Wall Street consensus remains Moderate Buy with an average price target of $231.15.
SpaceX (SPCX) shares surged as much as 11% on Wednesday after the company posted a recording of an all‑hands meeting on X. In the clip, Elon Musk told employees that AI is quickly becoming key to SpaceX's future and that AI revenue could top all other parts of the business as early as next month. The rally was also driven by bullish coverage from Morgan Stanley (MS).
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High conviction on SPCX? Try Tradr's SPCM or SPCGIn the recording, Musk said AI work inside SpaceX has grown into "an extremely important part" of the company. He noted that the models will be trained on SpaceX's own data, calling employees "the parents of the AI." Musk also said he expects AI revenue to pass the rest of SpaceX's business by September and "far exceed" it in the fourth quarter.
Bullish Analyst Coverage Drives Stock Higher
The stock's rally was also supported by bullish analyst coverage. Morgan Stanley's Adam Jonas kept a Buy rating and a $300 price target, saying SpaceX's AI platform is still being undervalued by the market. He said investors are valuing SpaceXAI at levels below what standalone "neocloud" firms get, based on its sum‑of‑the‑parts view.
Also, Jonas argued that SpaceXAI is more than a simple cloud service. He noted the company is building a stack that blends real‑time data, compute, connectivity, and intelligence, and that investors are giving it "near zero credit" today. He pointed to upcoming AI model updates, including new versions of Grok and progress on Cursor acquisition, as key catalysts in the weeks ahead.
Jonas added that the recent lock‑up expiration, which released insider shares into the market, may be a chance for investors to enter rather than a risk. He called SpaceX a "generational compounder" with long‑term potential as it scales AI at massive levels.
What Is SPCX's Stock Price Target?
Turning to Wall Street, SPCX stock has a Moderate Buy consensus rating based on 24 Buys, five Holds, and two Sells assigned since its IPO. The average price target for SpaceX is $231.15, implying an upside of 58.03% from the current price.