Famous short seller James Chanos, unceremoniously labelled SPCX as an IPO of dreams and hopes, and frankly stated that investors' blind enthusiasm was entirely based on a virtual bundle of Musk's personal mythology with the concept of AI. Morningstar's previous evaluation model gave an extremely conservative $780 billion valuation (at just $63 per share), with its total revenue of 18.7 billion dollars in 2025 and a net loss of $4.28 billion in the first quarter (of which AI-related losses reached $2.5 billion per quarter), and a striking gap with its $177 trillion listing pricing
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