Morningstar pegs SpaceX at $780 billion, 48% below its latest $1.53 trillion private market valuation, citing overvaluation risks.
Morningstar assigned SpaceX a $780 billion enterprise value, sharply below the $1.53 trillion valuation from its most recent private funding round. The research firm warned of significant overvaluation as the company eyes an IPO targeting $1.75 trillion, calling current levels unattractive for investors.
The firm’s analysis splits SpaceX’s valuation into two segments: $611 billion for its core space launch and Starlink satellite businesses, and $170 billion for its AI division, which includes xAI and social network X. Morningstar flagged the AI unit as a high-risk area, citing unproven concepts like orbital data centers and Grok’s lagging performance compared to top AI labs.
SpaceX’s last secondary market valuation stood at $1.53 trillion on Forge Global, while its IPO target remains $1.75 trillion. Morningstar’s narrow economic moat rating contrasts with private market optimism, suggesting potential post-IPO price adjustments.