Is SpaceX Stock Cheap? One Analyst Makes the Case
Yahoo Finance ·
When Space Exploration Technologies went public in June, its shares traded at roughly 100 times trailing sales, making it look quite expensive. However, following a stellar second-quarter earnings report in August that showed a 92% surge in sales, the price-to-sales ratio has compressed to 68. During Q2 2026, the company's rocket-launching, Starlink, and xAI segments grew by 55%, 32%, and 213% respectively, though it posted a net loss of $541 million with only Starlink turning a profit so far. Despite the steep valuation and heavy net losses, investors remain optimistic about its potential in the space and AI economies. Notably, Morgan Stanley analyst Adam Jonas argued in a recent note that SpaceX stock is cheap and getting cheaper, noting it trades at 30 times projected 2028 earnings, which he views favorably compared to the broader tech landscape.
AI 시장 분석
In Q2 2026, SpaceX saw revenue surge 92% year-over-year but recorded a net loss of $541 million. The price-to-sales (P/S) ratio fell from 100x at the time of the IPO to 68x currently, with analysts like Morgan Stanley's Adam Jonas valuing it at 30x estimated earnings for 2028, pointing to valuation appeal. Investors are focusing on explosive growth in space and AI sectors like Starlink and xAI.
상승 영향
- AI — Growth expectations have risen as xAI business division revenue surged 213% and it absorbs AI computing power demand through the development of mini data center satellites.
- Aerospace — Starlink recorded 32% revenue growth based on over 11,000 satellites, securing valuation justification by establishing itself as a core player in the space economy.
DYAX 전담 분석
SpaceX's Q2 revenue grew 92% due to high growth in rocket launches, Starlink, and xAI divisions, but it posted a total net loss of $541 million due to deficits outside of Starlink. Despite the high P/S ratio, valuation appeal based on estimated 2028 earnings is highlighted, acting as upward pressure on the stock price.
The bullish scenario involves achieving steep profitability improvements through the synergy of xAI and Starlink to capture the AI infrastructure market, while the bearish scenario involves stock price correction due to persistent deficit expansion and excessive valuation burdens. Key monitoring indicators are Starlink's profit margins and the xAI division's revenue growth.
AI가 생성한 분석으로 투자 자문이 아닙니다.
DYAX Investor Sentiment
Bullish (Long) 52% · Bearish (Short) 48%
382 participants
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