Morgan Stanley Says the ‘Space’ in SpaceX Is Worth About $8 Per Share

Bryce Elder, on the Financial Times’ Alphaville blog: Here’s paragraph one of the Morgan Stanley’s SpaceX initiation note: With an ‘X of 1’ position in space infrastructure, we believe SpaceX can convert energy into intelligence at scale with optionality to monetize through a range of consumer and enterprise solutions for the next era of AI… the final frontier. [Adam] Jonas — formerly the Wall Street bank’s Tesla and occasionally other auto companies analyst — was last year reallocated to the sort of free-radical futurologist role we’d thought had been cornered by Shingy. Today’s news that SpaceX has already started dipping below its IPO valuation reminded me of this piece. Remind me — is being compared to Shingy good? At any rate, Morgan Stanley estimates that the combination of X and Grok will grow this year to generate only a little less revenue than Twitter did in 2021, its last full fiscal year as a public company. Fear not, investors, as the bank also says SpaceX will make $17…