SpaceX’s stock is riding a wild ride—soaring from $135 to $225, then crashing to $123—while its $1.6 trillion valuation dwarfs its $19 billion revenue, creating an unsustainable 85x sales multiple. Despite inspiring moves like acquiring Cursor’s maker and pouring $40 billion into R&D, the company remains unprofitable with just 33% growth last year. For now, investors should wait—this isn’t a buy yet, unless SpaceX proves it can turn earnings around before the price catches up to reality.
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