Tuesday 02 June 2026 14:41 BST Bookmark Support Now From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging. At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story. The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it. Your support makes all the difference. Read more Morningstar analysts have assigned a valuation of $780 billion to Elon Musk’s SpaceX, a figure less than half of what the company is reportedly aiming for in its upcoming initial public offering. This assessment comes ahead of a planned roadshow scheduled for this week. The research firm expressed significant uncertainty about the prospects of SpaceX's artificial intelligence business, which encompasses xAI and the social media platform X. open image in gallery The research firm expressed significant uncertainty about the prospects of SpaceX's artificial intelligence business, which encompasses xAI and the social media platform X (Reuters) Analysts cited unclear economic models and intense competition from established players such as OpenAI and Anthropic. "We don't see Grok as one of the leading AI labs today," stated Morningstar equity analyst Nicolas Owens, referring to the chatbot developed by xAI. Owens further cautioned that the future success of SpaceX's AI segment hinges on unproven technologies, such as orbital data centers. open image in gallery SpaceX's new Starship V3 rocket is seen docked at the Starbase during the 12th test flight on May 21, 2026 as seen from South Padre Island in Texas (AFP/Getty) He also highlighted that Starlink, the company's satellite broadband division, faces technological obstacles, many of which may be beyond SpaceX's direct control. "We think the company has been significantly overvalued and investors will have opportunities to buy the stock at more attractive levels after the IPO," Owens added. This warning presents a rare contrarian perspective amidst widespread enthusiasm for the IPO. open image in gallery SpaceX intends to launch its roadshow on June 4, with shares slated to debut on the Nasdaq on June 12 (Reuters) Reuters has reported that SpaceX intends to launch its roadshow on June 4, with shares slated to debut on the Nasdaq on June 12. Get a free fractional share worth up to £100. Capital at risk.