SpaceX at $100 would imply zero AI value, Morgan Stanley says

Morgan Stanley analyst Adam Jonas maintains a buy rating on SpaceX with a $300 price target, arguing the recent selloff that pushed shares 18 percent below the IPO price represents an attractive entry point. Jonas argues that if shares fell to $100, investors would effectively be pricing in zero or negative value for the AI segment, which he ascribes more than 50 percent of his target value to. The broader tech selloff reflects investor concerns about massive AI capex commitments amid a shaky macro backdrop and elevated US-Iran tensions that have boosted oil prices.