Morningstar values SpaceX at $780 billion, roughly 55% below its IPO valuation even after assuming major future breakthroughs.

SpaceX's valuation will set the bar for what the must achieve going forward to reward investors.

SpaceX IPO: At roughly 110 times trailing sales, Elon Musk-led company's valuation assumes years of rapid growth, raising the stakes for investors if the company falls short of…