SpaceX is pressing ahead with its $135 IPO price as demand reaches about $150 billion, despite a warning from Morningstar.
Key Points:
- SpaceX plans to close IPO order books Wednesday.
- Demand has reached about $150 billion for a $75 billion offering.
- Morningstar valued the company near $780 billion, far below the IPO target.
SpaceX IPO
SpaceX plans to close IPO order books Wednesday after U.S. markets close, with pricing expected Jun. 11 and Nasdaq trading set for Jun. 12 under SPCX.
The company is seeking $75 billion at a fixed price that would value Elon Musk’s rocket and satellite business at about $1.75 trillion.
Orders have reached about $150 billion, making the deal roughly two times oversubscribed.
SpaceX also disclosed holding 18,712 Bitcoin (BTC), worth about $1.29 billion.
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Musk Valuation
Morningstar challenged the offering, estimating fair value at $63 per share and putting SpaceX near $780 billion, less than half the IPO target.
“We think the company has been significantly overvalued and investors will have opportunities to buy the stock at more attractive levels after the IPO,” Morningstar analysts wrote.
Critics also point to SpaceX’s reported $4.28 billion net loss in the first quarter, including $619 million from its space business and $2.5 billion from its AI arm.
Supporters say the premium reflects Starlink growth, launch dominance and Musk’s record with Tesla and xAI.
The listing now tests whether investors will treat SpaceX as a conventional industrial company or as a wider bet on space, broadband, AI infrastructure and Musk’s execution record.
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