Morningstar

“SF has less intuition for finance because they didn't fund Ion Group or Bloomberg or S&P or FactSet or PitchBook, Morningstar”

“The private credit market is eager for liquidity as PE exits plunge. An increasing number of borrower sales are related to strategic buyers, Morningstar DBRS data shows.”

“Outflows have been concentrated mostly in private credit funds, as investors, driven by fears about loans extended to software companies in an AI-shaken market, withdrew their money.”

“Morningstar says it is worth $63... SpaceX's actual revenue, losses, and what the business really generates... The honest valuation debate: $2 trillion or $63?”

“After expectations of a $2 trillion valuation circulated widely, the company said last week that it planned to price at $135 a share (or $1.75 trillion in valuation)... Meanwhile, Morningstar (which owns PitchBook) valued the company at $780 billion, or just $63 per share.”

“Loan pricing in the Morningstar LSTA US Leveraged Loan Index is signaling a six-month forward default rate of 1.86% as of November, up from 1.42% in May. The rate remains low in absolute terms, but the upward trajectory may be an early sign of stress in the leveraged loan market.”

“Morningstar initiated coverage with a $780 billion fair-value estimate — 'less than half the roughly $1.8 trillion valuation the company is targeting' — flagging specific risks: 'uncertainty around xAI, orbital data centers, and Elon Musk's voting control.'”

“Morningstar is joining Nasdaq and S&P Dow Jones in exploring ways to revamp its market indexes to include massive IPOs like SpaceX, raising concerns about relaxed requirements.”