Jun. 22 at 6:36 PM
$SPCX >> The market value is 70 times higher than the physical stuff the company actually owns.
Investors are paying a Price-to-Sales multiple of 125x. A healthy tech ratio is usually under 10x.
SpaceX still operates at a net loss overall due to extreme R&D expenditures.
The Real Risks Dragging it Down
Because the valuation is built almost entirely on future promises, the stock is highly volatile.
Right now, two huge financial strains are causing market panic and dropping the stock price:
The
$20 Billion Debt Load:
SpaceX just issued
$20 billion in bonds right after their IPO to cover short-term cash needs, alarming investors about heavy cash burn.
The Cursor Acquisition:
Spending
$60 billion to buy the AI platform Cursor has analysts warning that capital expenditures could top
$1 trillion by 2031, pushing profitability further out.
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