Morningstar released a $875 billion fair value estimate for SpaceX, roughly half the company's reported IPO target of $1.75 trillion. The analyst firm cited near-term cash-flow constraints and slowing Starshield/national-security revenue relative to launch services growth.
The valuation gap signals investor skepticism over space-tech unicorn pricing in the current climate. For enterprise IT leaders, the signal matters: if SpaceX's satellite-internet infrastructure becomes a major cloud connectivity layer, valuation pressure could delay commercial traction and accelerate competition from Kuiper and other low-Earth-orbit players.