SpaceX IPO'd at $1.8 Trillion, Crashed 32%, and Morgan Stanley Still Sees It Doubling

SpaceX’s IPO, priced near a roughly $2 trillion valuation in June, has since fallen by about a third, but 28 Wall Street analysts are still refusing to downgrade it. The stock trades at $152.71 versus a Wall Street average target of $222.42, implying a gap of about 45.65%. The debate is whether the bull case is driven by transformative compounding or by near-term contracts that expire in 90 days. Morgan Stanley argues the market is mispricing what SpaceX has already built: Starlink as the cash engine, an AI segment scaling toward a hyperscaler-adjacent business, and Starship as the long-term moonshot.