SpaceX is about to become the largest IPO in history. Wall Street’s first batch of analyst coverage suggests investors might want to pump the brakes before buying at launch prices.
Morningstar initiated coverage on SpaceX in June 2026 with a fair value estimate of $780 billion. That sounds enormous until you realize the IPO is expected to price around $135 per share, targeting a valuation of $1.75 to $1.8 trillion. In other words, Morningstar thinks the stock will be roughly 48-55% overvalued on day one.
The biggest IPO ever, by a wide margin
SpaceX is aiming to raise approximately $75 billion through its public offering, a figure that dwarfs every previous IPO in market history. The shares are expected to trade on Nasdaq under the ticker SPCX, with a retail tranche comprising around 30% of the offering.
The deal is being shepherded by Wall Street’s heaviest hitters. Bank of America, Morgan Stanley, and JPMorgan are all backing the offering, and they’ve hosted exclusive pre-IPO events featuring Elon Musk himself.
