Analysts argue SpaceX IPO priced at more than twice its true value

SpaceX is set to launch a historic $1.77 trillion initial public offering, aiming to collect $75 billion by issuing 555 million shares at $135 each on the Nasdaq as SPCX. Analysts from Morningstar, citing their own research, argue the stock’s intrinsic value is closer to $63 per share, suggesting a substantial overpricing. They further challenge Musk’s S-1 filing, which projects a $1.6 trillion addressable market, by estimating the realistic market size at about $129 billion.

The offering will open on Friday, June 12, and has drawn attention for involving 23 banks, which restricts independent research before the launch. The debate highlights the tension between Musk’s ambitious projections and more conservative market assessments.