Morningstar raised concerns about SpaceX’s lofty valuation given the gap between the company’s current revenues and its market capitalization after the IPO.
The research firm said investors were pricing in aggressive growth assumptions for both the aerospace and xAI segments. SpaceX closed its first day near 161 dollars after pricing at 135.
SpaceX’s filing showed the xAI segment posted a 6.36 billion dollar operating loss in 2025 on 3.2 billion dollars in revenue, though revenue grew 22 percent year over year.
Morningstar analysts said without clearer profitability timelines, the stock could face volatility if quarterly results disappoint public-market expectations.
The offering priced 555.6 million shares at 135 dollars each, raising $75 billion in the largest IPO on record.
Created by Ayen Stabel.
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Sources:
https://variety.com/2026/biz/news/spacex-stock-ipo-shares-elon-musk-trillionaire-1236778893/