SpaceX shares climbed nearly 8% on Monday, closing at $171.09 and reaching their highest level since mid-June. The move came shortly after the company's record initial public offering, and it was enough to return Elon Musk to trillionaire status.
The rally was fueled by a Sunday note from Morgan Stanley analysts, who recommended buying the stock and set a $300 price target. They argued that SpaceX looks "cheap" at current prices, pointing to future AI product releases, progress on Starship, and additional neocloud contracts as potential catalysts.
At the new price, Morgan Stanley's target implies an increase of about 75% from Monday's close. The upbeat assessment helped lift investor sentiment, though the stock remains below its all-time highs from earlier in the year.