SpaceX Valuation Debate: Bullish Growth vs. Bearish Fundamentals
SpaceX (SPCX) stock has fallen 35% in a month to $119.85, trading below its 52-week low, amid a sharp valuation debate. The bull case highlights SpaceX's unique position as the only high-cadence orbital launch provider, with revenue growing from $10.4 billion in FY2023 to $19.3 billion trailing twelve months, and a Wall Street consensus target of $240.04 implying 100% upside. The bear case, led by Morningstar analyst Nicolas Owens, values the stock at $62, citing extreme valuation multiples: P/S of 84.63 vs. profitable peer Broadcom's 23.38, and an EV/EBITDA of 873. Profitability is deteriorating, with a $4.9 billion annual net loss in FY2025 and $4.3 billion loss in Q1 2026. The article notes that quarterly Starlink margins are the key catalyst to resolve the debate, as the gap between the $62 and $240 targets is among the widest on any large-cap stock.
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