Morningstar Pegs SpaceX Valuation at $780 Billion, Half IPO Target, Ahead of Roadshow

Morningstar valued SpaceX at $780 billion on June 2, less than half the company's $1.75 trillion IPO target, and warned the stock is overvalued ahead of its June 4 roadshow. The research firm cited uncertain AI prospects, saying xAI's Grok chatbot is not a leading model, and highlighted technical hurdles for the Starlink satellite broadband business. Analyst Nicolas Owens noted that untested technology such as orbital data centers adds risk, and that long-term investors will likely find a greater margin of safety post-IPO. SpaceX is scheduled to debut on the Nasdaq on June 12 with low float and top-tier underwriters, including Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan. The company was last valued at $1.53 trillion on secondary platform Forge Global.