Morgan Stanley, the New York-based investment bank, has nearly doubled its valuation of Elon Musk’s rocket company SpaceX, from $52 billion in July to over $100 billion, it said in a research note issued Thursday. The bank’s so-called “bull case”–its absolute best-case scenario–puts SpaceX at a value above $200 billion.
The investment bank says that SpaceX’s Starlink internet-from-satellites service has driven a near $50 billion increase in the rocket company’s value since July. Forbes is sticking with investors’ more conservative valuation.