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Adding SpaceX to the Space 60: US Space Value Chain Mapping

发布日期: 2026-07-13研究机构: Morgan Stanley公司 / 股票: MP.N,FCX.N,AA.N,TECK.N,HXL.N,GLW.N,LIN.O,AIRP.PA,APD.N,ADI.O,STM.N,STMPA.PA,IFXGn.DE,IFNNY.PK,MCHP.O,QRVO.O,LITE.O,NVDA.O,AVGO.O,COHR.N,TDY.N,RBC.N,PH.N,AME.N,APTV.N,HON.O,MOGa.N,RKLB.O,BA.N,NOC.N,MDA.TO,RTX.N,LMT.N,FLY.O,VOYG.N,IRDM.O,VSAT.O,AMZN.O,PL.N,报告页数: 43原文语言: English证据页码: 1

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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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Adding SpaceX to the Space 60: US Space Value Chain Mapping

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