SpaceX Stock Rises Nearly 8%, Returning Elon Musk to Trillionaire Status
On Monday, SpaceX stock climbed nearly 8%, reaching its highest level since mid-June and restoring CEO Elon Musk's net worth to over $1 trillion. The surge followed a successful crewed NASA mission and the launch of Google AI chips into orbit last week. Analysts from Morgan Stanley cited these achievements as signs that SpaceX is undervalued, with future product releases and Starship progress expected to drive further gains. Morgan Stanley analysts recommended buying SpaceX shares ahead of its next planned test flight for the Starship rocket and upcoming third-quarter earnings report in late October. The Starship project aims to revolutionize space travel by enabling reusable spacecraft that can carry cargo, crews, and satellites like those from Starlink into orbit more efficiently. SpaceX is also expanding its AI capabilities through acquisitions of Musk's xAI and Cursor, generating revenue by leasing computing power to companies such as Google. Additionally, SpaceX benefits from strong government contracts, including a recent appointment for Musk in the Trump administration’s defense initiatives.
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Topics: AI chips Elon Musk Morgan Stanley SpaceX Starship