SpaceX (SPCX) shares have fallen 32.6% since their June 12 IPO debut, dropping from a high of $225.64 to $142.23 as of September 1. Despite the slide, Morgan Stanley analyst Adam Jonas maintains an Overweight rating with a $300 price target, implying 111% upside. Jonas’ bullish case centers on SpaceX’s planned $100 billion Starbase complex in Louisiana, set to break ground in 2027 with launches targeted for 2029. The facility would eventually house 10 launch pads across five complexes, supporting SpaceX’s goal of scaling Starship to nearly 5,800 annual launches by 2040, roughly 16 a day, while cutting launch costs tenfold versus Falcon 9.
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