SpaceX shares fall after Morgan Stanley lifts target to $300

Premarket move and price reference

KuCoin reports that SpaceX stock fell more than 6% in premarket trading even after Morgan Stanley raised its target price to $300. The target was described as implying about 114% upside from a $140 reference price. The article also says that at 9:12 a.m., a quote showed the shares at $131.55, down $9.76 from the previous close of $141.31. KuCoin notes that the premarket decline was measured against the $141.31 close, while the target comparison used $140.

The article says the November 3 chart showed the shares trading mostly between $140 and $142. It briefly moved above $142, then fell to around $137, and later recovered toward $139, while the separate premarket quote was lower. KuCoin also says the prior session ended with a reported 3.6% gain.

Morgan Stanley’s revised outlook

KuCoin says Morgan Stanley analyst Adam Jonas updated his projections while keeping the firm’s Overweight rating on SpaceX. His revised target remained $300, compared with a $140 reference price. The article repeats that this implies about 114% upside.

Jonas’s revised estimates call for SpaceX revenue of $175 billion in 2027 and $289 billion in 2028. For 2028, the forecast also includes operating income of $119 billion. KuCoin reports that Morgan Stanley moved its expected free-cash-flow break-even date from 2035 to 2031.

Borrowing and business segments

According to the article, the shift in the break-even forecast came with a lower estimate for external borrowing through 2031. Morgan Stanley cut that borrowing estimate by about $280 billion, leaving projected borrowing at $390 billion.

KuCoin says the firm’s analysis viewed artificial intelligence and space infrastructure operations as undervalued.

Election-related market context

The article also links the stock move to election reporting. It says a related report stated that Democrats won both the U.S. Senate and the House of Representatives, giving them control of Congress for the rest of President Donald Trump’s term. The report described some of those victories as coming in states Trump had won easily two years earlier. KuCoin also says Tesla fell 5.6% amid midterm-election concerns about regulatory scrutiny, and that the political discussion mentioned Elon Musk’s exposure.

EchoStar and earlier comments on the shares

KuCoin says The Washington Post reported discussions involving EchoStar’s Boost Mobile business and its wireless network, dated November 2. The reported proposals involved either buying the carrier or gaining access to its existing network. The article says these talks related to Starlink Mobile, described as Musk’s planned U.S. cellphone service that would combine satellite links with ground networks.

Separately, KuCoin says SpaceX closed 6.37% lower on October 30. It adds that Changpeng Zhao later addressed a dispute involving Elon Musk and the shares. In an X post, Zhao said SpaceX was a strong long-term stock holding, denied that he was calling for a sale, and asked supporters not to describe his request for Musk’s support as a threat. The article says TuanX interpreted Zhao’s request as a response to excessive joking, and that Zhao’s clarification followed that interpretation.