SpaceX Has Fallen 45% Since Its Peak: Gary Black Says Investors Are Breaking the 'Number One Rule in Inve

Key Points:

• SpaceX's market capitalization of approximately $1.7 trillion is criticized for having an unprecedented forward enterprise value-to-revenue multiple of about 40 times, which some experts argue is not mathematically justified.
• Comparisons with companies like NVIDIA and Tesla show that while NVIDIA's trailing EV-to-revenue multiple briefly reached 45 times, its forward multiple typically ranged between 10 and 25 times during revenue growth acceleration.
• Analyst Black believes SpaceX's current valuation leaves little room for upside, suggesting the IPO price of $135 was too high and expressing interest only if the stock falls below $100.
• Investors are focusing on SpaceX’s upcoming first earnings report as a public company, expected around August 17 or earlier, and the expiration of the IPO lockup period as key events that could influence the stock price.
• SpaceX’s stock (SPCX) recently closed 5.43% lower at $123.99 and shows a negative price trend across short, medium, and long terms according to Benzinga edge rankings.