SpaceX Shares Look ‘Unusually Cheap,’ Morgan Stanley Says: Elon Musk’s AI, Starlink Bets Take Center Stage

Investment bank Morgan Stanley analyst Adam Jonas reaffirmed bullish sentiment on Elon Musk-led Space Exploration Technologies Corp. (NASDAQ:SPCX), saying investors have a "unique opportunity" to buy shares that he considers "unusually cheap."

SpaceX Will Address Power, Chipmaking Bottlenecks

On Sunday, influencer Sawyer Merritt took to the social media platform X, sharing an investor note by Jonas that said that investors could “take advantage of a unique opportunity to buy [SpaceX] shares that look unusually cheap” ahead of the Starship Flight 15 launch, following Flight 14, which was Starship’s maiden orbital journey.

“We expect developments over the next few months will help investors better appreciate the role of SPCX in addressing the critical bottlenecks of power and chip making, the note said.”

Morgan Stanley's Adam Jonas in new @SpaceX note:

"We think that over the next few weeks (ahead of Starship Flight 15), investors can take advantage of a unique opportunity to buy shares that look unusually cheap. We expect developments over the next few months will help… pic.twitter.com/TYR9UXEFYH

— Sawyer Merritt (@SawyerMerritt) October 4, 2026

In a separate post, Merritt shared further details from the note, where Jonas said that not many people owned SpaceX because investors needed to understand “many tightly interlinked businesses” in multiple sectors.

“We are sympathetic to the investor that approaches SPCX from one angle, such as Telcos or A&D or AI in isolation. Doing so would make the stock look quite expensive,” Jonas said, adding that his “message” to such investors was that putting a value on the company was “more of an ‘and’ problem than an ‘or’ problem” and that this itself gives SpaceX its value.

Adam Jonas on @SpaceX:

"I regularly present to large groups of clients and ask the room: "Who here owns $SPCX shares?" Last night, when I did that in front of 40 clients, not a single hand went up. Sometimes it's 1 or 2 hands. Rarely more. SpaceX is a conglomeration of many… https://t.co/7b0nMo1bV3

— Sawyer Merritt (@SawyerMerritt) October 4, 2026

Elon Musk Touts Starlink

Musk, on Sunday, highlighted Starlink’s ability to stream five college football games simultaneously on a commercial flight. United Airlines Holdings Inc. (NASDAQ:UAL), which shared the video, called its Starlink Wi-Fi a "game-changer."

The billionaire has recently faced off against Delta Air Lines Inc. (NYSE:DAL) over the latter’s decision to not offer Starlink internet on its flights, choosing Amazon.com Inc.‘s (NASDAQ:AMZN) LEO internet service instead. Musk said that Delta CEO Ed Bastian could lose his job over the Starlink snub.

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