Morningstar drops bombshell message on SpaceX IPO

Morningstar initiated first-ever coverage of SpaceX with a fair value estimate of $780 billion. The company set a fixed IPO price of $135 per share, targeting a $75 billion raise on Nasdaq under ticker SPCX. The June 12 debut would be the largest IPO in history, more than double Saudi Aramco's 2019 record of $29 billion. Morningstar's warning suggests the offering may be overvalued.