SpaceX Stock at $10? A Reality Check on Valuation

Great Speculations argues SpaceX (SPCX) could be dramatically mispriced by its IPO optimism: even a hypothetical $10–$20 share price would imply a $130–$260 billion valuation, while SpaceX reportedly burns about $15 billion annually on roughly $20 billion in revenue. The business remains highly capital-intensive (rockets, satellites, data centers) with unclear profitability timelines, so the IPO price of around $135 leaves little margin for error. Investors should price in significant execution risk and not assume software-like growth guarantees for this aerospace/space infrastructure company.