Since its listing in June, the stock price of SpaceX has clearly declined, but market expectations for its long-term expansion plans have not cooled down accordingly. Morgan Stanley analyst Adam Jonas still maintains a 'buy' rating and regards the company's launch capacity expansion as an important factor supporting its valuation.

The stock price has fallen by 32.6% from its highest point.

According to reports, the stock code for SpaceX is SPCX. On June 12th, after IPO, it rose to $225.64, but as of September 1st, it had fallen back to $142.23, representing a decrease of 32.6% from its peak.

Despite the stock price pullback, Morgan Stanley has not downgraded its optimistic outlook. Adam Jonas has maintained the Overweight rating and set a target price of $300. Based on the price on September 1st, this target price represents approximately 111% upside potential.

Investment banks are bullish on the expansion of Starbase.

One of the core reasons for Jonas is that SpaceX plans to build a comprehensive facility worth $100 billion in Louisiana, USA. The project is expected to begin construction in 2027, with the goal of launching missions by 2029.

In the future, this facility will include 5 launch complexes with a total of 10 launch pads, designed to support the expansion of Starship's launch capabilities by SpaceX. As the infrastructure is gradually put into place, the company hopes to significantly increase the launch frequency.

Targeting Starship for large-scale launch

According to the plan reported, SpaceX aims to increase the number of launches by Starship to nearly 5,800 times by 2040, which is approximately 16 times a day.

At the same time, the company also hopes to reduce launch costs to one-tenth of Falcon. This means that the market's valuation of SpaceX is no longer solely based on its current launch operations, but also takes into account expectations for capacity expansion and cost reduction over the next few years.