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SpaceX shares jumped 11% after Morgan Stanley highlighted the company’s growing artificial intelligence business, fueling investor optimism around its expanding enterprise software strategy and upcoming Grok 4.7 AI model.
Morgan Stanley analyst Adam Jonas argued that markets are significantly undervaluing SpaceXAI, particularly as the company combines AI models, proprietary data, computing infrastructure and global connectivity. The assessment comes as SpaceX expands beyond its traditional launch and Starlink operations into enterprise AI software.
A key product supporting that outlook is Grok Bot, an AI-powered virtual assistant designed to automate complex workflows in cloud environments. The beta service is available to select SuperGrok Heavy, Cursor Ultra and Cursor Teams Premium subscribers across desktop and iOS.
Morgan Stanley believes SpaceX has significant advantages over standalone AI competitors. Its ecosystem reportedly draws on real-time information from X, Starlink network data and Cursor’s developer platform. SpaceX also controls physical infrastructure that combines computing resources with Starlink’s worldwide satellite network.
The investment bank is particularly optimistic about SpaceX’s planned acquisition of Cursor. Morgan Stanley estimates the coding platform could reach $8 billion in annual run-rate revenue by year-end and $33 billion by 2030. Cursor already serves around 50,000 businesses and approximately two-thirds of Fortune 500 companies.
Morgan Stanley’s valuation analysis suggests investors are assigning only about $12 per share to SpaceX’s consumer and enterprise AI operations after accounting for its core launch and Starlink businesses, which the bank values at $127 per share.
Investor enthusiasm also increased after CEO Elon Musk previewed Grok 4.7, expected later this month. Musk said SpaceX’s proprietary technical data and hardware expertise could give the model an advantage in real-world engineering applications.
The company recently introduced Grok 4.6, a 1.5-trillion-parameter model focused on coding, terminal management and enterprise workflows. With Grok 4.7 approaching and Grok 5 planned before year-end, SpaceX’s AI strategy is becoming an increasingly important part of its investment narrative.
