Why Morningstar Thinks SpaceX Is Worth So Much Less Than Elon Musk Does -- WSJ

Dow Jones

06/09

By Heather Gillers

Shares in SpaceX start trading publicly Friday, and the company said last week that it plans to sell them at $135 apiece. Morningstar analysts think they are worth $63.

In a research note Monday, they explained why:

-- It isn't clear yet whether SpaceX will be able to build a rocket that can be reused rapidly enough to enable multiple launches a week.

-- SpaceX's plan to put artificial-intelligence data centers in space could tank-or simply fail to offer any advantage over data centers on Earth.

-- The most likely scenario, Morningstar analysts believe, is that the rockets will perform as hoped and AI data centers will work but be subject to capacity constraints.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

June 08, 2026 16:29 ET (20:29 GMT)

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The full stream can be found by searching P/WSJL (WSJ Live Coverage). \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  June 08, 2026 16:29 ET (20:29 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Morningstar Thinks SpaceX Is Worth So Much Less Than Elon Musk Does -- WSJ</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Morningstar Thinks SpaceX Is Worth So Much Less Than Elon Musk Does -- WSJ\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-06-09 04:29</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n       By Heather Gillers \n</p>\n<p>\n     Shares in SpaceX start trading publicly Friday, and the company said last week that it plans to sell them at $135 apiece. Morningstar analysts think they are worth $63. \n</p>\n<p>\n     In a research note Monday, they explained why: \n</p>\n<p>\n     -- It isn't clear yet whether SpaceX will be able to build a rocket that can be reused rapidly enough to enable multiple launches a week. \n</p>\n<p>\n     -- SpaceX's plan to put artificial-intelligence data centers in space could tank-or simply fail to offer any advantage over data centers on Earth. \n</p>\n<p>\n     -- The most likely scenario, Morningstar analysts believe, is that the rockets will perform as hoped and AI data centers will work but be subject to capacity constraints. \n</p>\n<p>\n       This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage). \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  June 08, 2026 16:29 ET (20:29 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4112","symbol_name":"金融交易所和数据","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2642543121","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2642543121","pubTimestamp":1780950540,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Shares in SpaceX start trading publicly Friday, and the company said last week that it plans to sell them at $135 apiece. 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Morningstar analysts think they are worth $63. \n\n\n     In a research note Monday, they explained why: \n\n\n     -- It isn't clear yet whether SpaceX will be able to build a rocket that can be reused rapidly enough to enable multiple launches a week. \n\n\n     -- SpaceX's plan to put artificial-intelligence data centers in space could tank-or simply fail to offer any advantage over data centers on Earth. \n\n\n     -- The most likely scenario, Morningstar analysts believe, is that the rockets will perform as hoped and AI data centers will work but be subject to capacity constraints. \n\n\n       This item is part of a Wall Street Journal live coverage event. 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