SpaceX's two lead underwriters have a $1 trillion chasm in their valuation as quiet period ends

Goldman Sachs and Morgan Stanley—the two lead underwriters on SpaceX’s IPO—report a valuation gap of more than $1 trillion while both initiated coverage at buy. The mismatch signals high uncertainty around the IPO valuation, but the buy ratings indicate broadly constructive sentiment. Likely to influence investor positioning more than fundamentals in the near term.

Analysis

Goldman Sachs and Morgan Stanley—the two lead underwriters on SpaceX’s IPO—report a valuation gap of more than $1 trillion while both initiated coverage at buy. The mismatch signals high uncertainty around the IPO valuation, but the buy ratings indicate broadly constructive sentiment. Likely to influence investor positioning more than fundamentals in the near term.