SpaceX builds rockets. Morgan Stanley says the rockets don't matter. The bull case rests on an AI coding tool.
Let me get this straight. You launch satellites. You dock with the International Space Station. You catch rocket boosters with chopsticks. But the real value driver is Cursor, a text editor that autocompletes your Python functions.
Morgan Stanley looked at a company that dominates commercial spaceflight and said the space part was fine but have you considered the margins on subscription software. They ran a model. They built a presentation. Someone with an MBA nodded. Then they told clients the shares could more than double because SpaceX bought a startup that makes VS Code feel inadequate.
This is the same analysis you'd get if Ford acquired a lemonade stand and analysts said forget the F-150, the real upside is in citrus futures. SpaceX sends humans to orbit for a living. Morgan Stanley says that's cute but the TAM on developer tooling is what really moves the needle.
Retail traders will read this and think they missed the signal. They'll open their brokerage apps and remember SpaceX is private. Then they'll buy calls on Palantir because it also has computers.
The pitch deck practically writes itself. Slide one: rockets are hard. Slide two: AI is infinite. Slide three: please wire funds. Elon Musk spent twenty years making reusable orbital-class boosters a reality so Morgan Stanley could tell you the best part is he also bought a code editor.
SpaceX shares aren't even publicly traded, which means this analyst just valued something you can't buy based on a business that isn't the business.
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