SpaceX valued at just $780 billion by Morningstar, less than half its IPO target
Key takeaways
- Space X valued at just $780 billion by Morningstar, less than half its IPO target "We think the company has been significantly overvalued," Morningstar's analyst wrote.
- Morningstar initiated coverage of SpaceX with a fair-value estimate of just $780 billion, less than half the roughly $1.8 trillion valuation the company is targeting in its initial public offering.
- Translation: Don’t buy at the IPO price.
Space X valued at just $780 billion by Morningstar, less than half its IPO target "We think the company has been significantly overvalued," Morningstar's analyst wrote. Pras Subramanian · Senior Reporter Wed, June 3, 2026 at 12:46 AM GMT+7 3 min read SPAX.PVT MORN Space X (SPAX.PVT) just got slapped with a bearish valuation ahead of its monster IPO coming up later this month. The report signals that one of the most anticipated offerings in years may be significantly overpriced, just as CEO Elon Musk tries to justify the valuation.
Morningstar initiated coverage of SpaceX with a fair-value estimate of just $780 billion, less than half the roughly $1.8 trillion valuation the company is targeting in its initial public offering.
Analyst Nicolas Owens’s discounted cash flow model valued SpaceX’s core launch and Starlink satellite businesses at about $611 billion in enterprise value, plus an additional $170 billion in “probability-weighted scenarios” for the company’s AI operations.