Is It Too Late to Buy SpaceX?

SpaceX completed a record $85.7 billion IPO and surged 40% in early trading, reaching a $2.5 trillion market valuation. However, the analyst suggests it may be too early to buy due to overvaluation concerns, with Morningstar estimating fair value at $62. The company faces high capital expenditures ($12 billion in AI investments) and posted a $4.9 billion net loss, though Starlink's connectivity business drives current revenue at $11.4 billion of $18 billion total.