Morningstar Values SpaceX IPO at 53% Discount to Offering Price
By
Nicolas Owens
Crackling crust, pillowy middle. The kind of bagel that earns a second cup of coffee.
Summary
Morningstar values SpaceX at $63 per share, a 53% discount to the upcoming IPO's offering price. The valuation is based on probability-weighted forecasts across three scenarios, with only the most optimistic 'moonshot' scenario approaching the IPO price. Even in two of the three scenarios, the analysis assumes SpaceX achieves a rapidly reusable Starship rocket with multiple weekly launches.
Key quotes
· 4 pulledWe value SpaceX at $63 per share, a 53% discount to the upcoming IPO's offering price.
Our valuation is the result of mathematics more than skepticism.
Even at $63 per share, we give SpaceX a lot of benefit of the doubt in two of the three scenarios.
Only the most optimistic 'moonshot' scenario approaches the IPO offering price.
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