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Fortune

Marco Quiroz-Gutierrez

SpaceX may be the biggest IPO ever, but Morningstar says it is overvalued by half and the smart investors will wait out the hype and buy later

SpaceX Morningstar X Nicholas Owens IPO Elon Musk Colossus Grok Starlink

(Credit: Krisztian Bocsi—Bloomberg via Getty Images)

In just over a week, SpaceX is set to debut as one of the biggest IPOs in history with an eye-popping valuation of $1.75 trillion. One top analyst says it may actually be worth half of that, and investors may get a better deal by biding their time.

Despite the hype surrounding the IPO, partly fueled by the star power of SpaceX’s CEO and controlling shareholder, Elon Musk, Morningstar analyst Nicholas Owens wrote in a note that SpaceX’s actual value is $780 billion—about 55% below its target IPO valuation of $1.75 trillion.

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