On August 13, SpaceX (SPCX.O) saw its stock price rise nearly 12% during trading, driven by a research report released by Morgan Stanley. The report noted that the public market has significantly underestimated SpaceX's valuation as an AI enterprise platform. Investors' perception of SpaceX is shifting, viewing it not just as an aerospace and satellite hardware company, but as a vertically integrated tech giant with proprietary data, global network infrastructure, and cutting-edge AI models. Morgan Stanley analyst Adam Jonas mentioned that recent products from SpaceX's AI division, such as GrokBot, demonstrate its broader software ecosystem. The platform integrates real-time data, vertically integrated computing power, connectivity, and intelligence capabilities—values that have not yet been fully recognized by the market. The report highlights two structural advantages for SpaceX: first, its real-time data pipeline, which includes telemetry data from X, Starlink satellite networks, and more; second, the combination of low-cost computing power and a global communications network, forming a 'real-world' moat. Musk has stated that Grok 4.7 will surpass all existing models, pointing out that SpaceX's unique and powerful training data gives it a significant advantage in real-world engineering capabilities.