Morgan Stanley, in its research report on August 10, pointed out that the market's implied valuation of SpaceX's AI business is extremely conservative, treating it as a common emerging cloud service provider rather than an end-to-end AI platform. The firm believes that SpaceX's acquisition of the AI programming tool Cursor is a crucial step in building an enterprise AI platform, and it expects Cursor's Annual Recurring Revenue (ARR) to grow from approximately $4 billion in June 2026 to about $33 billion in 2030. The report set a target price for SpaceX at $300, with a bull case scenario potentially reaching $600, indicating significant upside from the current share price of approximately $140.