Analysts believe that SpaceX's valuation is significantly overvalued.

Morningstar analysts have valued SpaceX at $780 billion, which is less than half of the target valuation for the Musk-led company's planned IPO. The company is set to begin its roadshow this week. The research firm stated that the future prospects of its artificial intelligence business, including xAI and social platform X, are uncertain, the business model is not clear, and it will face competition from OpenAI and Anthropic. Morningstar stock analyst Nicholas Owens mentioned the AI chatbot Grok, stating, "At this stage, Grok still cannot compete with leading AI lab products." Owens also warned that the future potential of SpaceX's artificial intelligence sector relies on untested technologies such as orbital data centers, and the satellite broadband business Starlink faces many technical challenges, some of which the company may not be able to control. Owens said, "We believe the current valuation of the company is significantly overvalued. After the IPO, investors will have the opportunity to buy the stock at a more reasonable price."