The stock rose 7.6 percent to $171.1 after major bank Morgan Stanley described it as “cheap” over the weekend and recommended buying it.
Successful rocket launches and various AI initiatives are among the factors that can explain the rise.
SpaceX’s IPO in June quickly made Elon Musk the world’s first trillionaire.
When the company went public on June 12, the listing price was $135 per share. The stock rose to over $200 before falling, but is now back at its highest level since June.
According to Forbes’ real-time list of the world’s richest people, Musk’s fortune now stands at $1.05 trillion, based on his holdings in Tesla and SpaceX.
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