SpaceX stock is on the rise again: What’s behind the rocket and AI company’s October rally?

Shares of SpaceX (Nasdaq: SPCX) are having a good October so far, reaching highs not seen since June, when Elon Musk’s space and AI company made its debut on the Nasdaq. The stock rose over 18% in the last week, closing Monday at $171.09—higher than its IPO day close of $160.95 for the first time in three months. Overall, SpaceX hasn’t had the most successful time on the market, so why the sudden turnaround? It comes down to a few things. For starters, last week was promising for SpaceX, with the company launching multiple successful missions. It was responsible for a crewed NASA mission to the International Space Station (ISS) and launching Google’s homegrown Tensor processing units into space, where the chips will orbit Earth in a capabilities test. Morgan Stanley’s vote of confidence The next boost for SpaceX came on Sunday, courtesy of Morgan Stanley analyst Adam Jonas. In a note about SpaceX’s stock, Jonas encouraged investors to take advantage of lower SpaceX share prices before the company reaches a few upcoming milestones, Yahoo Finance reports. Jonas explained: “We believe future AI product releases, Starship progress, and additional neocloud contracts showing continued p…