摩根士丹利指出，市场仍将SpaceX视为具备太空能力的“新型云厂商”，低估了公司正在发生的转型。报告以“什么”为切入点，认为SpaceX是极少数在动荡与不确定时期价值反而上升的“逆熵”型企业，其使命是通过地球至太空基础设施，借助机器人等物理智能体，将能源大规模转化为智能。报告提出MARS（制造、自动驾驶、机器人与太空）和PIE（物理智能经济）框架，并以DVFS（维度、垂直度、灵活性与速度）评估企业。催化剂方面，15号飞行拟同时回收助推器与飞船，被视为公司20多年历史中最重要的测试之一，有望降低各业务线的潜在市场风险。按2028年每股收益9.45美元计算，当前约160美元股价对应16.9倍市盈率，低于微软、谷歌和亚马逊等AI可比公司。维持“增持”评级，目标价300美元。
Morgan Stanley argues that investors still value SpaceX as a neocloud with space capabilities and are missing a broader metamorphosis. The report frames SpaceX as a “proentropic” business whose value can rise in chaotic and uncertain times; its mission is to convert energy into intelligence at scale through physical agents such as robots, supported by Earth-to-space infrastructure. It introduces the MARS (Manufacturing, Autonomy, Robots & Space), PIE (Physical Intelligence Economy) and DVFS (Dimensionality, Verticality, Flexibility, Speed) frameworks. The upcoming Flight 15, which will attempt to catch both the booster and the ship, is seen as one of the most significant catalysts in SpaceX’s 20-plus-year history and should help de-risk the addressable markets across its businesses. On the new 2028 EPS estimate of $9.45, a $160 share price implies 16.9x P/E, cheaper than major AI peers including Microsoft, Google and Amazon. Rating Overweight, price target $300.