Morgan Stanley: SpaceX Target Price $300, Enterprise AI Accounts for 55% of Valuation

Morgan Stanley notes that the market only sees rockets and satellites, while pricing for enterprise AI and distributed inference clouds is nearly zero. AI compute for FY2027 is estimated at 4.9 gigawatts, with the company targeting nearly 10 gigawatts; every additional 1 gigawatt of compute capacity could increase the stock price by approximately $27. Maintains an Overweight rating.