Morningstar's Fair Value for SpaceX (SPCX) Stock Is $62. The Stock Trades at $157. One of Them Is Wrong by $1.2 Trillion.

SpaceX (SPCX) trades at $157 per share against Morningstar's $62 fair value estimate, creating a $1.2 trillion valuation disconnect. The gap highlights stark disagreement over the company's worth as shares dropped 22.6% over the past week.

The valuation mismatch centers on SpaceX's price-to-sales ratio of 78, which dwarfs comparable high-growth tech names—Nvidia carries a 19 P/S multiple while Micron trades at 20.5. The premium comes despite SpaceX losing nearly $5 billion in 2025, with no current path to profitability disclosed.

Morningstar's $62 target implies the stock would need to fall more than 60% to reach fair value, putting the current market capitalization materially at odds with the research firm's fundamental assessment. The recent weekly decline suggests momentum may be shifting, though the stock remains well above the analyst's valuation floor.

The divergence between market price and Morningstar's estimate underscores disagreement over whether SpaceX's growth trajectory justifies its sky-high sales multiple, particularly given ongoing losses.