A bank values a launch business at 3% of its parent

Claim

Morgan Stanley pegged SpaceX's launch business at just $8 a share, barely 3% of the company's value even as launch costs fell 99% and margins swung from negative 50% to positive 40%, because rockets have become the on-ramp to the orbital economy rather than the prize.

Reported metric: 3% of value

Reporting date: 2026-07-08 (not necessarily the event date)

Sources

Attribution and reporting linked by this record; links do not imply independent verification.

• Welcome to July 8, 2026 (theinnermostloop.substack.com)