SpaceX shares rise nearly 8%, restoring Musk’s trillionaire status — CNBC

In the United States, SpaceX shares rose nearly 8% on October 5, reaching their highest level since mid-June. This once again made the company’s CEO Elon Musk a trillionaire: according to Forbes’ real-time ranking, his wealth reached $1.03 trillion, including his stakes in Tesla and SpaceX.

As CNBC reports, trading closed at $171.09 per share. From their low in early August, SpaceX securities have risen by about 58%, although they declined for some time after the company went public on June 12. The shares reached a record closing price of $201.80 on June 16.

Morgan Stanley assessment

The rise in quotations followed a Sunday note from Morgan Stanley analysts, who called SpaceX shares undervalued at their current price. They recommended buying the securities and set a $300 price target, which is approximately 75% above the October 5 closing level.

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Among the potential growth factors, analysts cited future artificial intelligence products, progress in the Starship program, and new cloud computing contracts. They also advised investors to buy shares before the next Starship test flight and the release of SpaceX’s quarterly report, expected at the end of October.

Launches and Starship

At the end of last week, SpaceX conducted several flights in one day, including sending a crewed NASA mission to the International Space Station. Separately, the company launched Google chips for artificial intelligence systems into orbit.

Starship is SpaceX’s next-generation spacecraft and the largest rocket ever built. The system is designed to be fully reusable: its upper stage and booster are intended to return to Earth for a safe landing. Morgan Stanley noted that an attempt to catch Starship’s upper stage during the next test could become the strongest positive catalyst for the company’s shares since its initial public offering.