SpaceX IPO가 고평가됐다고 보는 이유

SpaceX's $135 IPO valuation appears significantly overpriced relative to Morningstar's $63 fair value estimate, with investors essentially paying a $72 premium for speculative future projects. The company's future value critically depends on unproven engineering achievements—Starship's rapid reusability and orbital AI datacenter commercialization—that are unlikely to materialize before 2028. This wide valuation gap reflects the market's optimism for space-based computing and reusable rockets, but investors should carefully weigh the high execution risk against the transformative potential of these moonshot technologies.