Analyst Adam Jonas flags potential undervaluation of SpaceX’s AI efforts if stock falls to $100 amid high capex concerns.
SpaceX (NASDAQ: SPCX) shares traded below $110 in early-morning trading on July 27, down from a $150 opening on June 12. The decline raises concerns ahead of the company’s Aug. 4 second-quarter earnings report, with potential insider selling adding pressure.
Morgan Stanley analyst Adam Jonas highlighted a disconnect between investor sentiment and SpaceX’s fundamentals, particularly its AI initiatives. Jonas warned that a drop to $100 could signal investors are undervaluing or ignoring the company’s AI efforts, including Grok and Cursor, due to high capital expenditures and uncertain economics.
SpaceX acquired Grok, an AI chatbot, from xAI in February and later agreed to purchase Cursor, an AI coding platform, to strengthen its AI capabilities.