Morningstar analysts have assigned a valuation of $780 billion to SpaceX, a figure that is less than half of the targeted IPO valuation set by the Elon Musk-led company, which is scheduled to commence its roadshow this week.

The research firm indicated that the prospects for the artificial intelligence business, which includes xAI and the social platform X, are uncertain, with its business model still unclear and facing intense competition from industry players like OpenAI and Anthropic.

Morningstar equity analyst Nicholas Owens, discussing the Grok chatbot developed by xAI, stated, "At this stage, Grok does not rank among the leading AI laboratory products."

Owens further cautioned that the future potential of SpaceX's AI segment relies on technologies such as orbital data centers that have not yet been proven or deployed, while the Starlink satellite broadband business also faces numerous technical challenges, many of which involve risks beyond the company's direct control.

Owens remarked, "We believe the company's current valuation is significantly inflated. Following the IPO, investors will have the opportunity to purchase the stock at a more reasonable price."