# Morgan Stanley values SpaceX’s space segment at just $8 per share in a $135 stock > Source: > Published: 2026-07-07 12:48:01+00:00 # Morgan Stanley values SpaceX’s space segment at just $8 per share in a $135 stock The bank that underwrote SpaceX's IPO thinks almost all of the company's value comes from everything except actual space launches SpaceX went public at $135 per share. Morgan Stanley, the lead underwriter on that deal, thinks the part of the company that actually launches rockets into space is worth about $8 of that price. The rest, roughly 94% of the valuation, comes from Starlink, AI synergies, and future infrastructure plays. ## The numbers behind the split SpaceX completed its IPO on June 12, 2026, pricing shares at $135 each. That established an initial market capitalization of approximately $1.77 to $1.8 trillion, making it one of the largest public offerings in history. Post-IPO trading briefly pushed the company’s valuation past $2 trillion before shares moderated. Morgan Stanley’s sum-of-the-parts analysis tells a more nuanced story. The “Space” segment, which encompasses Falcon rockets, Dragon capsules, and the Starship program, has been bleeding money. Heavy investment in Starship development drove operating losses in that division, even as SpaceX overall reported a profit of around $8 billion on revenues between $15 and $16 billion in 2025. Morgan Stanley’s long-term projections are staggering. The bank forecasts that SpaceX’s annual revenue could reach $3.4 trillion by 2040, with adjusted EBITDA exceeding $2.7 trillion. ## SpaceX’s Bitcoin stash and the crypto angle Buried in SpaceX’s pre-IPO financial disclosures was a detail that caught the crypto world’s attention. As of March 31, 2026, the company held 18,712 Bitcoin, valued at approximately $1.29 billion. SpaceX’s Bitcoin position represents a relatively small fraction of its overall value, likely less than 0.1% of the company’s market cap. ## What this means for investors Morgan Stanley’s $8-per-share valuation for the space segment creates an interesting framework for thinking about what investors are actually buying when they purchase SpaceX stock. They’re not buying a rocket company. They’re buying a communications and infrastructure platform that happens to build its own delivery vehicles. The space segment’s operating losses aren’t a temporary blip. They reflect the genuine difficulty of developing the most complex launch vehicle ever attempted. If Starship timelines slip further, that $8 per share could look generous. For crypto-focused investors, SpaceX’s Bitcoin holdings create an indirect exposure channel. Buying SpaceX stock gives you fractional exposure to 18,712 BTC alongside everything else. **Disclosure:** This article was edited by Editorial Team. For more information on how we create and review content, see our [Editorial Policy](https://cryptobriefing.com/editorial-policy/).