SpaceX shares may slide to $100, wiping out AI business value, Morgan Stanley warns

EarningsAnalyst Impact 4
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Summary · why it matters

SpaceX shares could fall to $100 per share, a level at which investors would ascribe zero or negative value to the company's AI business, according to Morgan Stanley analyst Adam Jonas. The stock closed at about $125 on August 4, down roughly $100 from its all-time high of $225.64 reached shortly after its June 12 IPO. A new tranche of insider shares eligible for sale on August 6 may further depress the price, Morgan Stanley said. Jonas noted that most investors significantly discount the Grok and Cursor AI units, citing high capital expenditures, uncertain economics, and management distraction. SpaceX's second-quarter earnings reported a loss of $541 million, with AI-related capex hitting $15.8 billion, exceeding projections and rattling investors already cooling on AI infrastructure spending.

Impact on stocks 2

Artificial Intelligence▼ · 1 stocks
Financials▼ · 1 stocks
Morgan Stanley
MS
▼ NegativeCapitalrelevance

Morgan Stanley analyst warns of potential slide to $100, reflecting negative view on SpaceX's AI business value.

Theme Impact 1

Off-coverage companies 1

CursorPrivate▼ Negative
Capitalrelevance

Cursor AI unit's value is significantly discounted by investors due to high capex and uncertain economics.

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