Morningstar valued SpaceX at $780 billion ahead of its planned IPO, less than half the $1.75 trillion target reported for Elon Musk’s company.
Reuters has reported that SpaceX aims to start its roadshow on June 4 and debut on Nasdaq on June 12. The company is expected to trade under the ticker SPCX.
Morningstar analyst Nicolas Owens said the firm does not view Grok, the chatbot from Musk’s xAI, as a leading AI lab. He also cited unclear economics and rising competition from OpenAI and Anthropic.
The research firm said SpaceX’s future AI segment depends partly on untested technology, including orbital data centres. It also warned that Starlink faces technical hurdles outside the company’s control.
Read: SpaceX IPO Valuation Debate Draws Investor Caution
Morningstar said strong demand and a low share float could support the stock in early trading. However, Owens said long-term investors may find better opportunities after the IPO.
Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan are among the underwriters for the planned share sale.
