Morningstar: Raises SpaceX fair value estimate to $70, shares significantly overvalued

Morningstar raised its fair value estimate for SpaceX to $70 per share but still considers the stock significantly overvalued. David Sekera, Morningstar's chief U.S. market strategist, noted that buying SpaceX at the current share price amounts to betting that the company's growth rate must far exceed Morningstar's modelnearly double the model's estimateto merely reach fair value, leaving investors with almost no margin of safety. However, Morningstar's operational outlook for SpaceX is itself quite optimistic, projecting revenue of $41 billion in 2026, double that of 2025, and revenue climbing to $228 billion by 2030, equivalent to about 5.5 times the 2026 estimate.