MoneyThe story, in brief
SpaceX is worth less than half of its $1.75 trillion IPO target, Morningstar says
$1.75T valuation target. Morningstar says SpaceX is worth less than half that—and xAI's moat is 'indeterminate.'
The KeyNews take
Why it matters
SpaceX's IPO valuation hinges heavily on xAI's unproven economics. Morningstar's skepticism signals investor caution around AI venture valuations tied to infrastructure plays.
The key facts
5 to knowSpaceX IPO target: $1.75 trillion
Morningstar valuation: less than $875 billion (less than 50% of target)
xAI economic moat flagged as indeterminate
Analysis questions AI venture valuation assumptions
IPO pricing risk tied to xAI commercialization uncertainty
Go to the source
CNBC Technologycnbc.com
Publisher excerpt: The analysts see a wide range of possibilities around xAI and find its "economic moat indeterminate."