Morgan Stanley analyst Adam Jonas kept a buy rating on SpaceX and set a $300 target, implying 89% upside from Friday’s $158.96 close. According to BeInCrypto, Jonas said at least 40 clients in a recent meeting did not own the stock, while he argued investors are paying mainly for rockets and Starlink, with little value assigned to AI.

He values SpaceX’s rockets and Starlink at $127 a share and the AI business at about $32 a share. Jonas also cited concerns over Grok, spectrum access for Starlink’s mobile service, and dilution, while noting the AI arm lost $1.26 billion last quarter.