Spacex's orbital moat is being undervalued amidst the noise of stock theater and Mars mission hype.

Spacex's orbital moat is being undervalued amidst the noise of stock theater and Mars mission hype. Morgan Stanley's $300 target ignores this moat, and I'm seeing a pattern of Wall St. noise that doesn't impact the company's orbital infrastructure progress. Starship launch odds rising is a positive signal.