SpaceX’s Next Starship Test Could Be Worth Far More Than a Rocket Landing, Morgan Stanley Says — Top Analyst Sees SPCX Stock Soaring to $300

As Elon Musk-led Space Exploration Technologies Corp. (NASDAQ:SPCX) is preparing for the 15th flight test of the Starship rocket, Morgan Stanley analyst Adam Jonas thinks performing the first-ever catch of the rocket will be a significant milestone for the company.

SpaceX’s 15th Flight Test

According to an investor’s note cited by influencer Sawyer Merritt on X on Thursday, Jonas said that the market may not fully appreciate the “significance” of this milestone.

“A successful catch of both stages is projected to be a material positive for the stock,” the analyst said. He added that the demonstration will also prove to be successful for the business model “by de-risking total addressable markets (TAMs)” across SpaceX’s primary segments.

SpaceX is preparing for its 15th Starship test flight, targeting a Friday launch window between 5:45 p.m. and 7:00 p.m. ET to attempt the first full recovery of both the Super Heavy booster and the 171-foot upper spacecraft at its South Texas launch tower.

While the “Space” segment accounts for $8 of SpaceX’s $300 price target set by the analyst, “Starship is the #1 TAM expansion opportunity for both the Connectivity & Enterprise AI businesses,” Jonas said.

Full reusability enables “orders of magnitude more bandwidth per launch,” opening pathways to orbital compute, lunar infrastructure, orbital manufacturing, and resource extraction.

Morgan Stanley’s Adam Jonas in new @SpaceX note on flight 15:

"We do not believe the stock market fully appreciates the significance. A successful catch of both the booster and the ship is likely to be a material positive for the stock, and an even bigger positive for the… pic.twitter.com/ekRJJrMdeQ

— Sawyer Merritt (@SawyerMerritt) November 12, 2026

SpaceX’s 114% Upside

Notably, Benzinga Pro data shows SpaceX was up 0.93% to $140.24 during pre-market trading. With a $300 price target that he had also earlier issued, Jonas predicts a nearly 114% upside for the stock.

Meanwhile, according to a report by CNN on Thursday, Joseph Gonzalez, an associate professor of practice in aerospace engineering at the University of Illinois, cited in the report, expanded on the reusable rocket milestone.

“The significance behind this, I don’t think people understand. If this weekend sees very positive results, I’m thinking they can get to a fully reusable rocket in the next two or three years.”

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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