SpaceX heads for record $1.78tn float amid fears it is overvalued

SpaceX is lining up the largest stock market float in history, seeking a valuation near $1.78 trillion after offering at least $75 billion of shares. The deal is reported as oversubscribed, with bids exceeding $250 billion, and could make Elon Musk the world's first trillionaire if priced as planned.

Morningstar cautions that the price may be excessive, valuing SpaceX around $63 a share versus the expected $135, highlighting a fundamental gap. SpaceX points to Starlink's $1.6 trillion addressable market, while Morningstar's view is closer to $129 billion. Senator Warren urged the SEC to delay the IPO, even as MSCI said it will apply existing rules for large IPOs.