SpaceX’s 7.6% surge reflects renewed investor enthusiasm around its potential exposure to both space infrastructure and AI, reinforced by Morgan Stanley’s bullish $300 target. However, the stock’s 58% rebound from its August low indicates that expectations have already risen substantially. The key question is whether future earnings, Starlink growth and AI-related opportunities can justify the higher valuation. Musk’s renewed trillionaire status highlights the strength of the rally but is not itself a fundamental catalyst. Near term, momentum is positive, but elevated expectations increase sensitivity to execution or valuation disappointments.