TLDR
- SpaceX (SPCX) rose 1% to $163.42 after announcing a nationwide low-band spectrum purchase.
- AT&T, T-Mobile and Verizon fell on Friday on the news.
- SpaceX is reportedly seeking $40 billion in financing to buy Nvidia chips.
- Morgan Stanley’s Adam Jonas calls the stock “Cheap and Getting Cheaper” with a $300 target.
- Elon Musk’s lockup on his stake ends June 12, 2027.
SpaceX (SPCX) stock traded at $163.42 on Monday, up 1%, or $0.85. The day’s range ran from $160.85 to $167.06, on volume of 67.4 million shares against an average of 93.3 million.
Space Exploration Technologies Corp., SPCX
The stock sits well below its 52-week high of $225.64. Its 52-week low is $104.83, and its market cap is about $2.2 trillion.
Late last week, SpaceX said it bought a nationwide low-band spectrum portfolio. The deal puts Starlink in a position to compete with the big US wireless carriers.
Wall Street noticed. AT&T (T), T-Mobile (TMUS) and Verizon (VZ) all dropped on Friday after the announcement.
On Monday, those three stocks bounced. T rose 1%, TMUS rose 2%, and VZ rose 3%.
The $40 Billion Chip Bet
SpaceX is also reportedly looking to raise $40 billion in financing. The money would go toward buying Nvidia chips.
That is a lot of debt for a company that went public only in June. Dan Ives of Yorkville Ives says the question is whether it should carry that much leverage.
Ives thinks it can. He points to the contracted AI backlog and the cash Starlink generates. He said he would rather see the compute financed and deployed than put off.
Nvidia (NVDA) slipped 1% on Monday.
Valuation Debate
SpaceX trades at 68 times trailing 12-month sales. That is down from about 100 times when it listed in June.
The drop came as sales grew. The company reported a 92% jump in second quarter sales, its first report as a public company.
Rocket launches grew 55%, Starlink grew 32%, and the xAI business grew 213%. Only Starlink is profitable, and SpaceX posted a net loss of $541 million.
Morgan Stanley’s Adam Jonas sees value anyway. He says the stock trades at 30 times expected 2028 profit, close to double the 16 median for big tech.
Once growth is factored in, he argues the picture changes. His ratio comes out to 0.3, below the 0.5 median for large caps.
Jonas has a $300 price target, nearly double today’s price. Raymond James analyst Brian Gesuale is higher, at $800.
Evercore ISI has built a calendar of 2027 catalysts for the stock. The date to circle is June 12, 2027.
Musk agreed not to sell any of his stake, roughly 40% to 46.1% or more than 6 billion shares, for 366 days after the June 12, 2026 IPO. When that lockup ends, investors will watch whether he sells.
A large block of stock hitting the market could weigh on the price. Even a hint of selling could rattle holders.
On Monday, SpaceX closed at $163.42 as investors weighed the spectrum deal, the financing plan and the analyst targets.
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