SpaceX shares jump about 8% to highest since mid-June as Morgan Stanley reiterates $300 target, returning Musk to trillionaire status

SPCX shares rose nearly 8% to $171.09 on Monday, October 5, their highest level since mid-June, according to Stocktwits. The rally followed a pre-market note from Morgan Stanley analyst Adam Jonas, who reiterated an Overweight rating and $300 price target, calling SpaceX "cheap and getting cheaper" on a growth-adjusted basis. Jonas put the stock at roughly 30 times estimated 2028 EV/EBIT versus 16 times for comparable mega-cap AI companies, and said the $300 target implies about 75% upside from Monday's close.

The same morning, Elon Musk confirmed in reply to an X user that SpaceXAI will be renamed SpaceXSI. The change follows President Donald Trump's push for the term "super intelligence," or SI, in place of "artificial intelligence," which he promoted at the United Nations and in a September 29 executive order directing federal agencies to use the new terminology. Musk gave no timeline, and the SpaceXAI account on X had not changed at the time of the report. Coverage also credited the company's first orbital Starship flight for the renewed interest in the stock.

The move restored Musk's trillionaire status. His fortune rose by $65 billion to $1.04 trillion on Monday, according to the Bloomberg Billionaires Index as relayed by PANews, his second time above the mark after the June IPO; Forbes, which measures differently, counted a gain of $30.6 billion since Friday's close. Sequoia partner Shaun Maguire said "we are seeing the very beginning of investors starting to understand SpaceX".

What to watch: whether the shares can hold above the mid-June level, how the market responds to more detail on the AI unit's plans, and follow-through from the Starship program that analysts cited alongside the valuation case.