SpaceX Valuation Gap: Don’t Confuse a Great Business With a Great Stock, Gary Black Warns
Gary Black argues SpaceX’s roughly $1.7 trillion market cap and a forward EV/Revenue around 40x reflect a valuation far from precedent for mega-cap stocks, warning investors not to conflate a great business with a great stock. SpaceX has fallen about 45% from its post-IPO peak as markets await its first earnings report and the IPO lockup expiry, with mixed sentiment from Wall Street about upside potential.