Morgan Stanley: Blades and Impellers Become New Bottleneck for AI Power Supply, SpaceX Builds Own Foundry to Break Through Compute Scale Ceiling

According to Chaoxiang Research, Morgan Stanley's August 16 research report pointed out that the AI data center computing power competition is shifting from chips to power, with gas turbine blades and impellers becoming the new bottleneck. Globally, only three foundries can produce large gas turbine hot-end blades and impellers, and orders are already booked through 2030. SpaceX built a new foundry in Bastrop, Texas, meeting the demand for both data center turbines and Starship Raptor engine turbopumps through vertical integration. SpaceX has secured about 3 to 4GW of gas turbine supply, with publicly disclosed commitments totaling nearly 8GW. Musk proposed a 10GW computing power target by the end of 2027; Morgan Stanley currently models only 5GW, with the gap lying in power supply timing. The report estimates that each GW of computing power represents an annual revenue opportunity of about $50 billion. Morgan Stanley maintains an overweight rating and $300 target price for SpaceX, with an SOTP breakdown of $18 for Space business, $118 for Connectivity, $8 for X and Grok, and $165 for Enterprise AI. The current stock price is about $141, with the market pricing Enterprise AI at only about $13, approximately 1x 2028 EV/Revenue. Morgan Stanley believes the pullback following the lock-up expiration provides an entry window; if SpaceX can prove it will push computing power to 5GW or even higher by the end of 2027, the Enterprise AI business