Morgan Stanley reiterated an "Overweight" rating on SpaceX with a $300 price target, believing the stock is currently undervalued given its growth prospects. Analyst Adam Jonas noted that, on a growth-adjusted basis, SpaceX trades at roughly a 40% discount to large AI peers. Potential catalysts include upcoming Starship flights, Q3 earnings, the Grok launch, and new neocloud deals, with a successful Starship capture potentially being the biggest catalyst.