SpaceX stock climbs on analyst backing and expansion

Space Exploration Technologies Corp shares rose 2.6% in morning trading Tuesday, extending a rally fueled by analyst support and infrastructure developments.

Morgan Stanley analyst Adam Jonas maintained his Overweight rating and $300 price target over the weekend, stating the stock is "cheap and getting cheaper" on a growth-adjusted basis. Jonas noted that SpaceX trades at approximately 40% below the valuation multiple of its mega-cap AI peers when growth is factored in.

Elon Musk confirmed that discussions with Taiwan Semiconductor Manufacturing are continuing regarding a potential dedicated chip plant that would exclusively serve SpaceX, Tesla, and the company's AI division. Musk described the talks as preliminary but substantive.

A regulatory filing showed that a SpaceX subsidiary has proposed a roughly 32-mile natural gas pipeline in Brevard County, Florida. The pipeline would deliver methane supply for Starship launches at Cape Canaveral. The infrastructure project indicates the company is preparing to increase its Starship flight frequency.

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