SpaceX Is $15 Away From A ‘Worthless’ AI Business Says Morgan Stanley - Forbes

What the report says

Forbes reported that SpaceX’s newly public shares have fallen sharply after an early post-IPO surge, putting renewed attention on how investors value the company’s separate businesses. According to the article, the stock closed at $160.95 on its IPO day, rose to $201.80 on June 16, and ended July 24 at $115.07. Forbes said that move represented a 28.5% decline from the initial price and erased about $1 trillion from the company’s peak market value.

The central issue is Morgan Stanley’s view of the company’s valuation. Forbes, citing Bloomberg, said analysts at the bank estimated that a fall to $100 a share would suggest investors were assigning no value to SpaceX’s AI division, which includes the Grok chatbot business. Morgan Stanley analyst Adam Jonas was cited as saying many investors heavily discount the AI operations, or even view them negatively, because of high capital needs, uncertain economics and management attention devoted to the segment.

Forbes described Starlink, SpaceX’s satellite internet unit, as the company’s only profitable division, while the launch and AI businesses remain loss-making. The article said the first quarter of 2026 showed operating income in connectivity, but losses in both space and AI, with AI costs far above its revenue.

The report matters because it highlights the difficulty of valuing high-profile technology listings where future growth expectations can drive large swings in market capitalization. Forbes also noted that Morgan Stanley still saw a possible entry point if sentiment weakens further, while warning that investors should weigh the risks carefully.