SpaceX nears a price that, according to Morgan Stanley, would assign no value to its AI business

First, a caveat about the sources: the text downloaded from Bloomberg is overwhelmingly site navigation and template elements (menus, section links, legal notices and so on), typical of a page that cuts off before the full body of the article because of the paywall. The actual news content available is very brief: barely a single paragraph with the specific figures, bylined by Carmen Reinicke and dated 24 July 2026. This summary is therefore necessarily short and sticks strictly to what appears verbatim in that fragment, without filling gaps with assumptions.

What the text does say is that the sustained slide in SpaceX shares has pushed the company's value close to a level at which, according to Morgan Stanley analysts, the market would be assigning a value of zero to its artificial intelligence business. In other words, the share price has approached a threshold where, once the rest of the business (rockets and space activity) is accounted for, the AI portion would no longer add incremental value to the market's implied valuation.

The article describes SpaceX as "the rocket, space and artificial intelligence company", confirming that the firm now presents itself — or is covered by analysts — with an AI arm alongside its traditional space launch business. The company had a bumpy market debut after its $86 billion initial public offering (IPO) in mid-June, a figure the text itself calls a record.

As for the stock's performance, the text specifies that shares surged nearly 50% in their first three trading sessions, before reversing that trend and falling sharply. They recently hit a low of $110.85, 18% below the IPO price, as the fragment expressly states.

Given how limited the available material is, it is not possible to offer more context on what specific share price would lead Morgan Stanley to speak of "zero value" for AI, nor any additional detail on those analysts' valuation methodology, nor on other factors that may have influenced the slide (such as executives' comments, financial results or other market moves). Nor does the available text include any direct quote from the Morgan Stanley analysts or any breakdown of the research note cited.

In short, the episode described illustrates the volatility that can accompany a large market debut when the market is also trying to work out how much of the share price corresponds to the "traditional" business (in this case, rockets and space activity) and how much to an added artificial intelligence narrative. Morgan Stanley's reading, as summarized in the fragment, suggests that the recent correction has been so steep that the market no longer appears to be paying any premium for that AI part of the business, although the text does not spell out whether this is considered an opportunity, a warning sign, or simply a technical observation about implied valuation.