SpaceX is moving closer to a potential initial public offering after several private funding rounds, with a limited stake expected to be offered to public investors, according to new Morningstar research.
Morningstar analysts Nicolas Owens and Suryansh Sharma valued the company at $780 billion, about 48% below its latest private market valuation of $1.5 trillion. The report highlights SpaceX’s core launch and satellite communications businesses as supporting a narrow economic moat, while uncertainty in its AI initiatives tempers the overall rating.
Starlink remains the primary earnings driver, with revenue projected to grow 50% to $11.3 billion in 2025, supported by global demand for satellite connectivity. Morningstar noted that a small IPO float could buoy initial trading, but shares may face selling pressure in the months following the listing.
