CNBC13 hours ago·4 min read·medium

SpaceX stock climbs highest since June, returning Musk to trillionaire

Lora Kolodny

✦AI Summary

SpaceX shares surged following a positive analyst note from Morgan Stanley, pushing Elon Musk's net worth back into trillionaire status. The company is gaining momentum through Starship testing and AI-related business expansion.

Why it matters

The valuation of SpaceX reflects growing investor confidence in private space exploration and the integration of AI technologies into aerospace infrastructure.

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SpaceX shares rose almost 8% on Monday, reaching their highest since mid-June, shortly after Elon Musk's company held its record initial public offering . With the rally, Musk is once again a trillionaire.

The jump followed a Sunday note from Morgan Stanley analysts, who called SpaceX "cheap" at today's prices, and highlighted "future AI product releases, Starship progress, and additional neocloud contracts." They recommend buying the stock and have a $300 price target, representing an increase of about 75% from Monday's $171.09 close.

Late last week SpaceX conducted multiple historic flights in a single day, including sending a crewed mission for NASA to the International Space Station, and a separate launch of Google AI chips into orbit.

The Morgan Stanley analysts suggested investors buy SpaceX shares before the company's next planned test flight for its massive Starship rocket, and ahead of its third-quarter earnings report expected in late October.

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