NEW YORK — SpaceX's bold Louisiana expansion is winning over Wall Street. Morgan Stanley told clients this week that shares of Space Exploration Technologies (NASDAQ: SPCX) look attractively valued following the company's plan to build a $100 billion spaceport in Louisiana, arguing the market is not yet pricing in how aggressively SpaceX could scale its launch cadence.
The bull case on new launch pads
The analyst pointed to the sheer scale of the buildout as the key catalyst. SpaceX is planning up to 15 total launch pads across its sites — far more than the three it operates today plus three more it expects online by the end of 2027 — the physical capacity needed to chase a dramatically higher flight rate. That expansion, detailed in our coverage of the new Starbase, Louisiana, announcement, is what Morgan Stanley says the stock is failing to fully reflect.
"In our view, SPCX is attractively valued, trading at 10x sales (70% growth) and 25x EBIT (113% growth) on our FY28 forecasts," the analyst wrote, adding that the pad expansion means the market is no longer pricing in the far more aggressive launch cadence that could unfold beyond current estimates.
Where the stock stands
$SPCX closed Tuesday at about $137.95 and was little changed in overnight trading near $138, leaving the stock up roughly 20% over the past month. Since its June debut, shares have swung widely — trading between roughly $130 and $225 as the market digested the first public earnings from the launch giant, which now includes xAI following their combination. SpaceX's valuation, approaching $2 trillion, still hinges heavily on the success of Starship. Investors can track live quotes on Yahoo Finance, Google Finance, WSJ and Nasdaq.
