SpaceX Stock Climbs Again, Hits Another Multimonth Closing High: What Is Driving the Rally?
SpaceX stock extended its recent rebound on October 6, 2026, closing at another multimonth high as investors responded to a more bullish Wall Street view and growing expectations around the company's Starship and artificial-intelligence ambitions.
Shares of Space Exploration Technologies Corp. (NASDAQ: SPCX) rose 0.49% to $171.92 on October 6, following a much larger 7.63% gain to $171.09 on October 5. The October 6 close was the highest since June, according to historical market data.
The rally has pushed SpaceX shares well above their recent September levels, but the story is not simply about another rocket launch. Investors are increasingly trying to value SpaceX as a combination of Starlink, launch services and a potentially significant AI and computing business.
Why SpaceX Stock Jumped
One of the biggest catalysts was a bullish research note from Morgan Stanley analyst Adam Jonas.
Jonas reiterated an Outperform rating and a $300 price target, arguing that investors may have only a limited window to buy the shares before several potential catalysts emerge. His analysis places particular emphasis on upcoming Starship developments and SpaceX's expansion into AI infrastructure.
The timing is important.
SpaceX has been working to demonstrate that Starship can eventually become a fully reusable launch system. The company's progress could materially change the economics of launching satellites, spacecraft and other payloads if the system reaches its intended operational capability.
For investors, successful testing could therefore have implications beyond a single launch. It could strengthen the long-term case for SpaceX's launch business and potentially expand the company's addressable market.
Starship Is One of the Biggest Catalysts
Starship remains one of the most closely watched parts of the SpaceX investment story.
The company has been developing the enormous spacecraft with the goal of making it rapidly reusable. A successful reusable system could potentially reduce the cost of putting payloads into orbit and increase launch frequency.
Morgan Stanley's Jonas has highlighted the upcoming Starship Flight 15 as an important potential catalyst. The analyst expects progress on Starship, together with other developments, to improve investor confidence in SpaceX's longer-term earnings potential.
That does not mean a successful test automatically translates into higher earnings. SpaceX still faces substantial engineering, regulatory and capital requirements. But progress toward reusable heavy-lift launches could strengthen one of the company's most important long-term competitive advantages.
Starlink Remains Central to the SpaceX Valuation
While rockets generate much of the headlines, Starlink is arguably one of the most important businesses supporting SpaceX's valuation.
Starlink provides satellite internet connectivity using a large constellation of satellites in low Earth orbit. The business gives SpaceX something unusual for a launch company: a recurring services operation that can generate revenue from a growing customer base.
This creates a different economic profile from traditional launch contracts.
Rocket launches are generally transaction-based, while connectivity subscriptions can produce recurring revenue. If Starlink continues expanding its customer base and network capacity, it could become an increasingly important contributor to SpaceX's overall earnings.
That is one reason analysts increasingly use a sum-of-the-parts approach to value SpaceX—estimating the potential worth of individual businesses rather than treating the company as a conventional aerospace manufacturer.
The AI Opportunity Is Changing the Investment Story
The newest part of the SpaceX valuation debate is artificial intelligence.
SpaceX is investing heavily in AI infrastructure and computing, adding another potential growth engine beyond rockets and satellite connectivity.
Morgan Stanley's analysis argues that the market may not be fully pricing SpaceX's potential AI opportunities. Jonas has pointed to enterprise AI, computing and chip-related initiatives as possible sources of future earnings growth.
That thesis is ambitious, however.
AI infrastructure requires enormous capital expenditure, and the economics can change rapidly as computing prices, chip availability and customer demand evolve. SpaceX therefore has an opportunity to diversify its revenue base, but it is also taking on a much larger capital-intensive business.
Recent reporting has highlighted plans for SpaceX to raise substantial debt to finance its AI expansion and purchase large quantities of Nvidia hardware. That has simultaneously increased investor interest and raised questions about leverage and capital requirements.
For shareholders, this is an important risk to monitor.
SpaceX Stock Is Not a Cheap Traditional Aerospace Stock
The bullish case does not mean SpaceX is inexpensive by conventional valuation measures.
Morgan Stanley's analysis cited by MarketWatch estimated that the shares traded at around 30 times projected 2028 operating profit, compared with roughly 16 times for a median group of major technology companies. The argument for the valuation is therefore heavily dependent on SpaceX delivering much faster growth than mature technology companies.
This is where the market's expectations become important.
A high-growth company can justify a premium valuation if earnings expand rapidly enough. But if Starship development is delayed, Starlink growth slows or AI investment fails to generate expected returns, the valuation could come under pressure.
Investors should therefore avoid viewing a rising stock price as proof that the underlying business has become less risky.
The Rally Has Already Been Significant
The recent move has been substantial.
SpaceX shares closed at $148.07 on October 1, climbed to $158.96 on October 2, jumped to $171.09 on October 5, and reached $171.92 on October 6.
That means the stock gained roughly 16% between the October 1 close and October 6 close.
However, the rally did not continue uninterrupted. On October 7, SpaceX shares fell 2.51% to $167.60, showing that volatility remains high even after the recent surge.
This distinction matters when assessing the original “multimonth high” headline: the October 6 close marked the latest high in that rally, while the subsequent October 7 decline shows that momentum can reverse quickly.
What Investors Should Watch Next
There are several developments that could determine whether SpaceX's rally develops into a longer-term trend.
First, Starship progress. Successful testing and progress toward reusability could reinforce the company's launch thesis. Delays or technical setbacks could have the opposite effect.
Second, Starlink economics. Investors will want evidence that subscriber growth, revenue and margins can support SpaceX's enormous valuation.
Third, AI monetisation. The company's AI ambitions are attracting significant investor attention, but the key question is how quickly the investment can translate into recurring revenue and operating profit.
Finally, balance-sheet risk. Large-scale AI infrastructure requires capital. Investors need to weigh the potential growth opportunity against the amount of debt and capital expenditure required to pursue it.
The Bottom Line
SpaceX stock reached another multimonth closing high on October 6, 2026, helped by bullish Wall Street commentary and growing enthusiasm around Starship, Starlink and the company's AI ambitions. Morgan Stanley's $300 price target has added to the bullish narrative, but the valuation depends on SpaceX successfully executing across several capital-intensive businesses.
The key takeaway is that SpaceX is increasingly being valued as more than a rocket company. Its future investment case now rests on whether launch technology, satellite connectivity and AI infrastructure can develop into a powerful combination of high-growth businesses.
For investors, the next major catalysts are likely to be Starship milestones, Starlink financial performance and evidence that SpaceX's AI investments can generate meaningful commercial returns.
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This article is for informational and educational purposes only and should not be considered investment advice.