REAL-TIME GLOBAL RESEARCH
Adding SpaceX to the Space 60: US Space Value Chain Mapping
Research evidence excerpt
Adding SpaceX to the Space 60: US Space Value Chain Mapping
Foundation
July 13, 2026 02:32 AM GMT
Morgan Stanley & Co. LLCMSpace | North America Adam Jonas, CFA
Equity Analyst
Adding SpaceX to the Space 60: Adam.Jonas@morganstanley.comKristine T Liwag +1 212 761-1726
Kristine.Liwag@morganstanley.com +1 212 761-2980
US Space Value Chain Mapping William Tackett, CFA
Research Associate
William.Tackett@morganstanley.com +1 212 761-6028
The Space 60 is a diversified list of publicly-traded enablers Justin M Lang
across the space value chain, from raw materials to launch and EquityJustin.Lang@morganstanley.comAnalyst +1 212 761-6251
satellite operators. We add SpaceX, as its most vertically
Space Technology
integrated, and now largest, constituent. Also adding HawkEye North America
360, Applied Aerospace, and Satellogic. Industry View Attractive
The Space 60's newest (and largest) member: SpaceX (SPCX): We recently
initiated coverage of SpaceX (SPCX.O) at Overweight with a $300 price target,
reflecting our view of the company as a unique "X of 1" business that converts
energy into intelligence at scale across space, connectivity, and AI. SpaceX is by far
the world's largest orbital launch provider by both launch count and mass to orbit,
having completed roughly 650 orbital launches as of March 2026, vast majority on
reused Falcon boosters, with a reported 99% mission success rate; it is also
transitioning toward Starship, a fully reusable vehicle over four times Falcon 9's
payload capacity that we model cutting launch costs toward ~$500/kg by 2030 and
below $150/kg by 2040.
The company's Starlink constellation is likewise the largest satellite network ever
built, with more than 10,000 operational satellites (about 75% of all active
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