SpaceX (SPCX) has recovered to about $173 per share after falling to a low of $104.83, well above its $150 debut price. Morgan Stanley analyst Adam Jonas set a $300 price target and kept an 'overweight' rating, arguing that once growth is factored in, SpaceX looks cheaper than Amazon, Alphabet and Meta on key metrics, even though its 68.5 price-to-sales ratio and 200x forward earnings look high at first glance. Revenue in the latest quarter rose 92% year over year to $7.8 billion, the net loss narrowed to $541 million from $1 billion a year earlier, and the company signed an AI compute deal worth $1.11 billion per month. Risks include regulatory delays, slower-than-expected progress with the Starship rocket, and stalling AI monetization, and the article argues much of SpaceX's value depends on these developments. The author says that at current levels, he would stay far away from the stock.
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