Branch2 Intelligence
SpaceX’s two lead underwriters have a $1 trillion chasm in their valuation as quiet period ends
Key takeaway
Goldman Sachs and Morgan Stanley initiated coverage on SpaceX with a valuation gap exceeding $1 trillion, reflecting extreme uncertainty about the company's fair value.
- Step 11st-order: Goldman Sachs and Morgan Stanley initiate coverage on SpaceX with a valuation gap exceeding $1 trillion, creating extreme uncertainty about the company's fair value.
- Step 22nd-order: The valuation divergence signals potential IPO pricing volatility, which may delay the offering or force a compromise that disappoints investors.
- Step 33rd-order: A delayed or poorly-received IPO reduces SpaceX's access to public capital, potentially slowing its Starlink expansion and Starship development programs.
Source: MarketWatch
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