Morgan Stanley initiated coverage of SpaceX (SPCX) on Tuesday with an Overweight rating and a $300 price target. It’s the most bullish call among Wall Street’s biggest investment banks and comes as SpaceX joins the Nasdaq 100 index.

In a note titled “AI’s Final Frontier” that landed this morning, lead analyst Adam Jonas’s target implies 87% upside from Monday’s close of around $160.

Jonas and the MS team argue SpaceX holds “an ‘X of 1’ position in space infrastructure,” framing the rocket launch company as one that can transform energy into intelligence (data centers using solar power), with “near-monopoly launch economics, the world’s largest LEO satellite network, and a fast-scaling AI infrastructure…