Foreign media reports that SpaceX's stock price has fallen significantly from its after-hours high since its IPO on June 12, currently trading at around $115, below its IPO price of $135. Wall Street is increasingly divided on whether the company still deserves a high valuation, focusing on Starlink growth, Starship progress, and the company's cash burn rate.
Musk disagrees with short sellers.
The report mentions that Musk recently publicly responded to short sellers on SpaceX, stating that those betting on a drop in SpaceX's value have "low chances of survival." Currently, approximately 17% of the outstanding shares are shorted, a significant percentage for a large company.
The core argument of the bulls is that SpaceX's current valuation is a bet on the future, not the present. Supporters believe that if Starlink continues to expand and the Starship project progresses smoothly, the company's future revenue still has significant upside potential, and the current stock price merely reflects long-term growth expectations in advance.
Short sellers say valuations are still too high
However, former hedge fund manager Whitney Tilson holds the opposite view. He describes SpaceX as "one of the most highly valued large-cap stocks in market history," arguing that even after a correction, the stock price remains high relative to historical revenue.
Tilson stated that, according to his calculations, SpaceX's current valuation is still nearly 10 times higher than reasonable. However, he also said that he does not recommend shorting the stock directly, as there may not be any catalysts in the short term sufficient to quickly change its pricing.
Revenue growth and cash burn coexist
Looking at the operational data, SpaceX's fundamentals are not entirely positive. Reports show that Starlink achieved revenue of $11.4 billion in 2025, a year-on-year increase of 50%; the company's AI infrastructure business is also expanding, but its scale remains relatively small.
According to reports, SpaceX's total revenue in 2025 is estimated at approximately $18.7 billion. However, the company also burned through billions of dollars in cash last year, a point repeatedly mentioned by several analysts in recent weeks. For the market, whether the growth rate can cover the high investment remains the key point of the valuation debate.
The financial report on August 4th will be the next point of observation.
At current prices, SpaceX is still trading at dozens of times its historical revenue. Bulls believe this premium stems from the long-term commercial prospects of Starlink and Starship; bears, however, argue that this pricing is unsustainable in the long run.
Foreign media reports indicate that Wall Street's median target price for SpaceX is approximately $225, significantly higher than the current price. The company will release its second-quarter results on August 4th, a report that could be a crucial indicator for the next round of pricing and will also test the market's acceptance of its growth story.
