SpaceX IPO: Is This Space and AI Stock Really Only Worth $780 Billion?

Morningstar analysts are skeptical of SpaceX's $1.77 trillion IPO valuation, suggesting the company is worth only $780 billion. The analysts are particularly concerned about SpaceX's AI division (Grok), which accounts for $26.5 trillion of the company's $28.5 trillion total addressable market but remains unprofitable. Morningstar recommends waiting for a post-IPO correction before investing, though the author acknowledges SpaceX's strong rocket and connectivity businesses.