Morgan Stanley-Thematics Venture Vision The SpaceX-Factor-107479206

MApril9,202401:00PMGMTGlobalFoundationThematicsMorganStanley&Co.Internationalplc++44207425-0840+44207425-9902VentureVision:TheSpaceX-EdwardStanleyFactor+1212761-1726EquityStrategist+1212761-9518SpaceXisthesecondlargestUnicornandimplicitlyatop-50Edward.Stanley@morganstanley.comcompanybylistedmarketcap.OtherthantheAIgroupingofcompanies,SpaceXisthebestperforming>$10bnprivateMatiasOvrumcompanyoverthepast3fundingrounds,evenasmarketshaverecalibratedfrom2021highs.EquityStrategistMatias.Ovrum@morganstanley.comIfyouhavefoundourworkhelpfulorthought-provokingonVenture,TechDiffusion,Longevity&Decarbonisationoranyotherthemespleasetake2minutestovoteinMorganStanley&Co.LLCtheongoingIIsurvey.AdamJonas,CFASeeherefortheteam'sfullreport:WhileSpaceX'slastprimaryfundingroundwascompletedatac$140bnvaluation-accordingtonotice.coandPitchbook-wehaveEquityAnalystsinceseentransactionsatimpliedvaluationsof$170bnand$180bninsecondaryAdam.Jonas@morganstanley.commarketsbeforepullingbackagainmodestlyinrecentweeks.Exhibit1:SpaceXpricepershareinsecondarytransactionsSeanKCorleyResearchAssociateSean.Corley@morganstanley.comOurVentureVisionweeklieslookat(1)early-stagecross-themefundingpatterns;(2)relativevaluationsbetweenthemes;(3)publicversusprivatevaluations;(4)theresultinganomalieswithincertainthemes.Pleaseletusknowifyouwouldlikeourexceldatabase...