SpaceX Faces Valuation Skepticism as Stock Falls 35% in a Month
SpaceX (SPCX) has fallen 35% in a month to $119.85, trading well below its 52-week high of $225.64. The article highlights a sharp valuation debate: Morningstar analyst Nicolas Owens sets a fair value of $62, citing an extreme price-to-sales ratio of 84.63 and a $4.9 billion annual net loss, while Wall Street consensus targets $240.04, implying 100% upside. Revenue grew from $10.4 billion in FY2023 to $19.3 billion in trailing twelve months, with positive EBITDA of $3.95 billion. However, profitability deteriorated sharply, with a $4.937 billion net loss in FY2025. The article notes that Starlink quarterly margins are the key catalyst to resolve the debate between bulls and bears. Prediction markets show only 11% probability of the stock reclaiming $140 by month-end.
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