SPCX Stock Climbs Past $140 As August Rebound Continues – Morgan Stanley Says Investors Are Undervaluing SpaceX’s AI Business

Morgan Stanley said the valuation gap could narrow as SpaceX provides more evidence that Grok and Cursor can work together as part of a broader strategy.

• xAI launched Grok 4.6, its latest AI model, which can handle complex, multi-step assignments, including research, data analysis, and software development.
• Pricing starts at $2 per million input tokens and $6 per million output tokens.
• On Tuesday, a regulatory filing showed that Antonio Gracias, CEO of Valor Equity Partners, owns 6.5% of SPCX shares.

Shares of SpaceX (SPCX) jumped over 8% on Wednesday, extending their August recovery to more than 30%, after Morgan Stanley said the market may be significantly undervaluing the company’s AI business.

SPCX shares climbed past $140 for the first time in nearly a month.

Morgan Stanley Says SPCX’s AI Business Is Undervalued

Morgan Stanley analyst Adam Jonas reaffirmed an ‘Overweight’ rating and a $300 price target on the stock, according to Investing.com.

Jonas argued that investors are undervaluing SpaceX’s artificial intelligence business. He believes the gap could narrow as the company provides more evidence that Grok and Cursor – an AI-powered coding platform – can work together as part of a broader strategy, potentially supporting further share price gains. The firm described Grok Bot as early evidence of an AI platform combining real-time data with compute, connectivity, and intelligence. 

The comments came as unit xAI launched Grok 4.6, its latest AI model. The company said the model can handle complex, multi-step assignments, including research, data analysis, software development, and the creation of polished applications.

Grok 4.6 is available through Cursor and Grok Build. Pricing starts at $2 per million input tokens and $6 per million output tokens, while a faster version costs twice as much.

Major Investors Disclose SPCX Stake

On Tuesday, a regulatory filing showed that Antonio Gracias, CEO of Valor Equity Partners, owns 503.4 million SpaceX Class A shares, representing 6.5%, through 30 entities connected to the private equity firm.

Norway’s $2.3 trillion sovereign wealth fund also disclosed a 0.05% stake in SpaceX on Tuesday. The fund held about 7.3 million shares valued at roughly $1.22 billion as of June 30.

Retail’s Take On SPCX

Retail sentiment surrounding SPCX on Stocktwits turned ‘extremely bullish’ from ‘bullish’ over the past 24 hours, amid ‘high’ message volumes.

One user expects the stock to climb over $500 in the next 16 months.

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The stock is down around 11% from its closing price on market debut.

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