SpaceX IPO Valuation 48% Below Private Market Estimate

Morningstar estimates SpaceX's valuation at $780 billion, 48% below its $1.5 trillion private market value. The firm warns the company is significantly overvalued, with its xAI unit posing a material threat of value destruction and an indeterminate economic moat. The $1.75 trillion IPO target is seen as inflated, and Morningstar advises retail investors against the IPO, citing poor entry points. Long-term investors may still benefit from future growth despite current valuation concerns.