The two lead underwriters of SpaceX's initial public offering, Goldman Sachs and Morgan Stanley, are divided by a valuation gap exceeding $1 trillion. Both firms initiated coverage on the company with a buy rating, yet their price targets suggest vastly different assessments of its worth.
This chasm highlights a fundamental uncertainty about how to price a company that straddles established launch services and speculative ventures like Starlink and Starship. Analysts are grappling with SpaceX's private-market history, where shares traded at implied valuations far below some public-market expectations.
Goldman Sachs and Morgan Stanley have not disclosed specific price targets or the precise figures behind the trillion-dollar discrepancy. The gap emerges as the quiet period following the IPO ends, allowing underwriters to publish their first public research.
The valuation divide could inject volatility into early trading as investors weigh competing narratives. It may also signal broader debate about whether SpaceX's long-term ambitions justify a premium or if near-term revenue realities will anchor its stock.
Some market participants argue that such a wide spread is unusual for co-lead underwriters and may reflect differing methodologies rather than genuine disagreement about the company's prospects.