SpaceX Shares Surge 8% to EUR 152.48 as Morgan Stanley's $300 Target and Musk's TSMC Talks Fuel the Rally

SpaceX shares climb 8.0% to EUR 152.48 after Morgan Stanley's bullish call, as Musk confirms TSMC talks on the Terafab chip project.

SpaceX equity extended its winning streak this week, climbing 8.0% to EUR 152.48 as investors digested a bullish Wall Street endorsement and fresh signals that the company's ambitions stretch well beyond rocketry into semiconductor supply and artificial intelligence infrastructure.

The advance follows a 6.0% gain to EUR 149.68 earlier in the week, when Morgan Stanley's Adam Jonas reaffirmed his "Overweight" rating and a $300 price target. Jonas described the stock as "cheap and getting cheaper" on a growth-adjusted basis — a verdict that has become the central pillar of the bull case.

A Valuation That Cuts Both Ways

At first glance, the math looks stretched. Measured against estimated 2028 operating earnings, SpaceX trades at a multiple of 30 — nearly double the average for established AI enablers. But when adjusted for expected growth, the picture inverts: with a growth-adjusted factor of 0.3, the shares sit roughly 40% below the median for technology heavyweights.

More than half of Morgan Stanley's target rests on the company's fledgling enterprise AI division, with the legacy satellite and launch business providing the foundation. That shift in value drivers carries substantial upside — and equally substantial execution risk for cautious investors.

Not everyone is chasing the same number. Wells Fargo also rates the stock "Overweight" but sets a markedly more conservative $212 target, and expects full upper-stage reusability to arrive considerably later than the bull camp assumes.

Musk Confirms TSMC Discussions Around Terafab

Adding to the momentum, Elon Musk confirmed over the weekend that talks are underway with semiconductor manufacturer TSMC regarding a potential collaboration on the Terafab project. The venture would aim to produce chips for SpaceX, Tesla and the AI startup xAI.

No formal agreement has been reached. The structure, ownership arrangements and precise scope of the initiative remain unresolved, and TSMC has so far declined to comment officially on the discussions.

Three Rockets in 13 Hours

The rally has landed during a stretch of unusually intense operational activity. On Thursday, a Falcon 9 deployed 130 payloads into orbit as part of the Transporter-18 mission, including a prototype satellite for Google's Suncatcher project.

The same day, Crew-13 lifted off with four crew members bound for the International Space Station after a leaking fuel system issue was resolved. A Falcon Heavy launch for the U.S. National Reconnaissance Office followed shortly after — three rockets delivered to space within 13 hours.

Starship Flight 15 as the Next Test

Attention now turns to Starship Flight 15, expected in late October or early November. A successful catch of the upper stage could slash launch costs dramatically, while upcoming third-quarter figures should reveal how effectively the new cloud and computing capacity is being monetized.

The stock has run hot in the near term, sitting 25% above its 50-day moving average of EUR 122.22. At current levels, the shares leave little room for setbacks in the coming test flights or any cooling in AI demand. For investors with a long horizon and tolerance for volatility, the risk-reward equation ahead of the pivotal autumn milestones still favors the optimists.