Space Exploration Technologies (SPCX 5.43%), or SpaceX for short, has been an absolute roller coaster since going public roughly a month ago. Despite the stock rocketing to $225 and then dropping back down to roughly $125, some Wall Street analysts still see big things ahead. Adam Jonas, an analyst overseeing Morgan Stanley‘s coverage of SpaceX, set his base case for the stock at $300 per share.

That target signals massive upside, more than double the stock’s current share price. But such an ambitious price target depends on SpaceX becoming far more than a space stock. It’s a bet on unprecedented vertical integration in arguably the world’s most significant economic opportunity since the industrial revolution: artificial intelligence…