Scott Galloway issues grim SpaceX stock price forecast

Key Points:

• SpaceX, valued at $1.91 trillion and listed on Nasdaq since June 2026, raised over $75 billion in its IPO, but its stock price has drawn skepticism from experts like NYU professor Scott Galloway, who values the shares between $10 and $30, far below the current $148 trading price.
• Galloway criticizes the stock's high valuation, attributing price distortions to limited public float, forced buying by index funds, and a $25 billion bond issue despite $100 billion in cash, suggesting the company is more an AI infrastructure play than a traditional rocket business.
• Financial data shows SpaceX's sales grew from $10.4 billion in 2023 to $23 billion recently, but it reported significant net losses totaling $8.2 billion over the last 12 months and negative operating margins, with heavy capital expenditures mostly tied to AI compute infrastructure.
• Other bears like former Fidelity manager George Noble also predict substantial price declines, expecting SpaceX stock to fall by up to 80%, citing unsustainable cash burn and overvaluation compared to revenue multiples.
• Despite bearish views, most analysts remain bullish with an average price target of $228, and Galloway himself refrains from shorting the stock, acknowledging Elon Musk's potential to drive investor enthusiasm beyond fundamentals.