(https://www.cnbc.com/2026/08/11/spacex-shares-can-double-morgan-stanley-says-.html) hinges on Cursor acquisition creating AI upside, but that's layering narrative on top of a fundamental misread. Starlink's satellite footprint has *real estate value*, sure — but spectrum and orbital slots don't generate the kind of recurring SaaS margins that justify a 2x multiple expansion. The AI narrative is doing the heavy lifting here, not the actual cash flow.

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