Seeking Alpha
21 Oct 2026, 11:50 UTC · 53m ago
Yes, I Am Going To Say It: SpaceX Stock Is Too Cheap
Impact · against what's priced in
SpaceX's first GAAP profit is a meaningful catalyst that removes the bankruptcy risk the market was implicitly hedging against, while the shift to a majority-AI revenue mix supports the bull case. However, the risk of the Anthropic contract cancellation remains a critical drag on the valuation. Tesla remains largely unaffected as potential merger synergies are speculative and not a core driver of its current price.
- SPCX+0.60
Challenges what's priced in
- The price assumes
the bear case that the business is worth only $62 to $75 per share, which assumes the AI revenue growth stalls and the cash burn destroys equity value
By delivering its first-ever GAAP net profit, SpaceX eliminates the primary risk of equity destruction via cash burn that underpins the bear case.
What SPCX's price assumes · Sep 11
