SpaceX stock falls in premarket trading after Morgan Stanley lifts target

Premarket move and price levels

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

The November 3 chart showed the shares mostly trading between $140 and $142. The stock briefly moved above $142 before dropping to about $137, then recovering toward $139. The article also says the previous session ended with a reported 3.6% gain.

Morgan Stanley’s revised outlook

According to The Coin Republic, Morgan Stanley analyst Adam Jonas updated his forecasts while keeping an Overweight rating on the shares. His revised outlook kept the $300 target and used a $140 reference price, which the report says implies about 114% upside.

Jonas’s updated estimates put SpaceX revenue at $175 billion for 2027 and $289 billion for 2028. The 2028 outlook also included operating income of $119 billion. Morgan Stanley moved its expected free-cash-flow break-even date from 2035 to 2031.

Borrowing, AI, and space infrastructure

The report says the shift in break-even timing came with a smaller estimate for external borrowing through 2031. Morgan Stanley reduced that borrowing estimate by about $280 billion, leaving projected borrowing at $390 billion.

The analysis said artificial intelligence and space infrastructure operations were undervalued, according to The Coin Republic.

Election-related context and EchoStar reporting

The article says that, alongside the Morgan Stanley projections, another election report stated Democrats won both the U.S. Senate and House of Representatives. It said that would give the party control of Congress for the rest of President Donald Trump’s term. The report also said Democrats won in states that Trump had carried comfortably two years earlier.

The Coin Republic adds that Tesla fell 5.6% as the U.S. midterm election raised concerns about regulatory scrutiny, and that the election commentary mentioned Elon Musk’s political exposure.

Separately, The Washington Post reported discussions about EchoStar’s Boost Mobile business while SpaceX stock was rebounding in premarket trading on November 2. The proposals reportedly involved either buying the carrier or gaining access to its existing wireless network. The discussions were linked to Starlink Mobile, described as Musk’s planned U.S. cellphone service that would combine satellite links with ground networks.

Earlier decline and Zhao’s comment

The report says SpaceX shares closed 6.37% lower on October 30. It also says Changpeng Zhao addressed a dispute involving Elon Musk and the shares. In an X post, Zhao described SpaceX as a long-term stock holding, denied that he had urged a sale, and asked supporters not to portray 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.