SpaceX shares rose nearly 8% on Monday, reaching their highest level since mid-June, pushing Musk back to trillionaire status. Morgan Stanley analysts called SpaceX stock "cheap," highlighting future AI product launches, Starship progress, and new cloud contracts. Analysts also recommended buying the stock before Starship's next test flight and Q3 earnings release, with a target price of $300, representing approximately 75% upside from Monday's closing price of $171.09. SpaceX's AI business also boosted its stock price; the company expanded its AI operations through the acquisitions of xAI and Cursor and leases hashrate to companies like Google and Anthropic. Additionally, the Pentagon appointed Musk as co-lead of Project Meridian, an initiative aimed at identifying weapons, technologies, and military capabilities the U.S. may need for future wars.