Morningstar research cuts SpaceX’s worth by 55% citing AI unit losses and high capital spending.
A Wall Street analyst estimates SpaceX’s valuation at $780 billion, 55% below the projected $1.75 trillion IPO range. The assessment follows the company’s recent financial disclosures and investor debate over its market value.
SpaceX’s AI division, xAI, reported $3.2 billion in 2025 revenue but posted a $6.4 billion operating loss. First-quarter 2026 revenue reached $818 million with a $2.5 billion loss. Capital expenditures for the unit totaled $12.7 billion last year.
The company’s IPO is anticipated to price between $1.75 trillion and $2 trillion, though no official valuation has been confirmed.