Morgan Stanley analyst Adam Jonas has reiterated an overweight rating on SpaceX, highlighting that the company’s $100 billion investment in a Louisiana spaceport is not fully appreciated by investors. Jonas set a $300 price target, implying more than 70% upside from recent trading levels. SpaceX is constructing the Starbase launch facility in Vermilion Parish, designed to support thousands of launches annually, with plans for 15 total launch pads—far exceeding the current three operational pads and three more expected by 2027. Jonas conservatively estimates that only eight pads are needed to achieve his 2040 forecast of approximately 5,800 Starship launches per year, which could generate $3.5 trillion in revenue. Despite shares trading around $136 after peaking at $225 post-IPO, the stock appears attractively valued at 10 times sales and 25 times EBIT based on FY28 projections. The analyst emphasizes that investors are underestimating the scale of SpaceX’s Starship ambitions, suggesting the current valuation offers a compelling opportunity.
