SpaceX Stock Falls 5.43% to $123.60 Friday; Gary Black Says Still Overvalued at 45x EV/Revs

SPCX-5.43%
According to Gary Black, Future Fund Managing Director, SpaceX stock (SPCX) fell 5.43% to $123.60 on Friday, validating his concerns over the company's valuation and IPO structure. The stock is now down 9% from its $135 IPO price and 45% from its all-time intraday high of $225.64. Black stated the stock still trades at "FY'2026 EV/Revs of 45x" and questioned the IPO's design, which he said created a supply-demand imbalance with $85 billion IPO proceeds but free float under $100 billion, inflating valuations. He noted that Wall Street analysts remain mostly bullish with 'Buy' ratings, while only Morningstar maintains a 'sell' rating despite the decline.
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