Morgan Stanley eyes SpaceX at $600 on orbit AI data centers and Starlink expansion

Morgan Stanley’s bull case envisions SpaceX reaching $600 per share (about an $8 trillion valuation) if it can scale AI data centers in orbit, keep Starship flights frequent and cheap, and expand Starlink with hundreds of millions of AI-powered subscribers at projected ARPU of $35 by 2040. Wall Street sentiment is mixed: about 32 analysts cover SPCX with an average target near $227 and highs up to $800, though Morningstar is bearish on the AI upside and there’s a bear case around $75. The story hinges on highly uncertain, transformative bets—particularly SpaceX’s AI business, which is cash-burning and not yet proven at scale.