SpaceX Hits Nasdaq — Morningstar Says It’s Massively Overvalued

SpaceX is set to hit Wall Street with a record-price debut that could test how far investors will chase future growth.

Quick Take

SpaceX is pricing its offering at **$135 per share**, which implies a **$1.77 trillion valuation**.^[3]^[5]
The company plans to sell **555.6 million shares** and raise about **$75 billion**.^[3]^[5]
Reports say the deal is **more than four times oversubscribed**, showing strong demand before trading starts.^[1]
Skeptics argue the price is rich, and one valuation model puts fair value far below the offering price.^[2]

Record Size, Record Pressure

SpaceX is preparing for one of the biggest public offerings in market history. The company is set to list on the Nasdaq under the ticker **SPCX** and has priced the deal at $135 per share.^[3]^[5] That pricing, tied to 555.6 million shares, points to a company value of about $1.77 trillion and a raise near $75 billion.^[3]^[5]

That scale explains why the debut is drawing so much attention. Reports say orders have run more than four times the shares available, which suggests strong early demand from large investors.^[1] Supporters see that as proof the market believes in SpaceX’s long runway. They point to the company’s launch business, Starlink satellite network, and plans to fund more artificial intelligence and rocket infrastructure.^[5]

Why Bulls Think the Price Can Hold

SpaceX bulls say the company is not being priced like a normal industrial stock. They argue that launch dominance, the Starlink business, and future space infrastructure can justify a premium valuation.^[1]^[5] The company also arrives with a rare mix of scale and growth story. That combination often draws buyers who want a piece of a platform they think could shape transport, communications, and defense-linked space services.

The fixed pricing adds to the appeal for investors who want certainty in a market that often moves fast after listing. Some market coverage also notes that Nasdaq adjusted its rules so SpaceX could join the Nasdaq-100 more quickly.^[1] For bullish investors, that means the stock could gain index support sooner than many fresh listings, which may help trading interest after the first few sessions.

Why Skeptics Are Warning About the Valuation

Not everyone is buying the story. Morningstar analyst Nicholas Owens said SpaceX is “significantly overvalued” at the $135 IPO price and put Morningstar’s weighted valuation near $780 billion.^[2] That gap matters because it shows how much of the current price depends on a best-case future rather than today’s earnings. In plain terms, investors are paying now for a lot of hope later.

🚀 SpaceX has priced 555.6mn shares at $135 each, raising $75bn ahead of its Wall Street debut, according to the source text — billed as the world’s biggest IPO. pic.twitter.com/XFfGsJAcoB

— Inside Lore (@inside_lore) June 11, 2026

That is where the risk comes in for retail buyers who may rush in after the headlines. A company can have real technology and still trade at a level that leaves little room for disappointment. If growth slows, margins tighten, or space spending cools, the stock could reset fast. The key question is not whether SpaceX is important. It is whether the market has already priced in too much success.

What Investors Should Watch First

The first trading days will likely tell the real story. Investors should watch whether the stock holds near the offer price, jumps on open, or swings hard in both directions.^[1]^[5] A huge valuation and heavy demand do not guarantee smooth trading. They often create the opposite. When supply is limited and expectations are high, even a tiny miss can trigger a sharp move.

Readers should also keep one fact in mind. SpaceX is still a private company today, and this offering marks a major shift in how the market values it.^[6] The company’s size, Musk’s name, and the record raise make this more than a normal listing. For conservative investors, it is also another reminder that Wall Street often rewards grand narratives first and demands proof later.