SpaceX said it's worth $1.75 trillion. Morningstar just said the real number is less than half of that.

SpaceX filed its IPO targeting $1.75 trillion valuation.

Morningstar just published their independent analysis.

Their number: under $800 billion.

That's a $950 billion gap between what Elon is asking for and what analysts think it's actually worth.

Nearly a trillion dollars of "trust me bro" valuation.

Wall Street is about to find out which number is right.