Morningstar Values SpaceX at $780 Billion, Well Below Company's $1.75 Trillion IPO Target

According to Morningstar analysis, SpaceX has been valued at $780 billion, significantly below the company's reported $1.75 trillion initial public offering target. The estimate positions SpaceX well above its secondary trading valuation of $1.53 trillion on Forge Global, yet well below what the Musk-led company is seeking in its upcoming IPO roadshow.

Morningstar equity analyst Nicolas Owens cited concerns about the economics of SpaceX's artificial intelligence segment, including xAI and its Grok chatbot, stating that neither appears to be among leading AI labs today. The firm also flagged unproven technologies such as orbital data centers, warning that the valuation assumes successful execution across space launch, satellite broadband, and AI businesses simultaneously.