Every production stock reaches a moment when its biggest fans start watching the tape with one eye closed. The story is still good. Shopping is still busy. And somewhere in the back of the room, a few people who own the dream are starting to question how much tomorrow’s money is already worth today.
That moment quickly became the most detailed listing in the market’s history.
SpaceX (SPCX) had its initial public offering (IPO) at $135 a share on June 12 and raised nearly $75 billion. It was the biggest stock market crash in history, according to CNN. The stock fell nearly 19% on its first day, continued to rise until June 15, and by the morning of June 16 the aerospace and Artificial Intelligence (AI) company had surpassed Microsoft (MSFT) in value at nearly $2.7 trillion. Retail investors reportedly placed orders in excess of $100 billion before a single share changed hands.
Then one of the bulls on financial television got insulted.
CNBC’s Jim Cramer, who has said more than once that he likes SpaceX, warned on June 16 that the stock was starting to behave like something he no longer trusts.
Why Jim Cramer is uncomfortable about the SpaceX stock surge
Cramer’s discomfort is about the instruments, not the goal. He said he would hate to watch the meme stock, which he believes SpaceX has become, “go to Nvidia size” in a series of overnight moves with no one selling, in a post on X. Nvidia (NVDA) with a market value of about $ 5 trillion as of June 15, according to Companies Market Cap, so he was working closely with Space desubling.
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His sharp point was about speed. He said watching the stock rise 10 points in a few hours made him uncomfortable, and he reiterated that he still likes the company.
That conflict is a reliable part, and it’s a part that should stay with anyone who bought this week. When I read his post, I was told in my analysis that it wasn’t the size of the profit. It was a one-way market concept where no one was willing to sell. A stock that only goes up because no one will take profits is a stock that is waiting for the first person to act.
Not everyone accepts the label. Analysts at 24/7 Wall St. argue that SpaceX fails the meme-stock test, because the rally is riding on real startups, satellites, and AI businesses rather than the internet-connected crowd, according to 24/7 Wall St. The best reading might be that Cramer is flagging valuation risks and reaching for a scary name to hold on to.
What does SpaceX stand for now?
SpaceX stopped being a pure rocket company months ago. Elon Musk folded his AI startup xAI into business in February 2026, pulling Grok models, the X social network, and a rapidly growing network of data centers under one ticker, according to TheStreet. That move is why Oppenheimer analyst Timothy Horan described it as the only AI company to be fully vertically integrated when he unveiled the filing.
There is also a crowd that buys SpaceX for reasons that have little to do with rockets. The company held 18,712 Bitcoins worth about $1.3 billion at the end of the first quarter, and the futures market linked to SpaceX was clearing more than $1 billion in daily volume before the stock was listed, according to TheStreet. For part of this audience, SPCX is a way to bet on crypto with Elon Musk on a single ticker.
Related: Oppenheimer touts strong SpaceX stock price
The balance is where the bull case becomes more difficult to defend. SpaceX reported $18.67 billion in 2025 earnings against a net loss of $4.94 billion, leaving the stock trading at close to 94 times its trailing price, TheStreet reported. Musk told investors that the company could reach $1 trillion in annual revenue by 2030, a target that asks consumers to pay now for a number five years out.
Then there was the part that caught my attention when I was listing the research. SpaceX trades above all Wall Street’s published valuations.
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SpaceX is valued at $135 million and has raised nearly $75 billion, the largest US IPO ever recorded and nearly triple Saudi Aramco’s 2019 record, according to Reuters.
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Shares closed near $160.95 in their June 12 debut, a gain of about 19%, according to CNBC.
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The stock reached as high as $192.50 on June 15 and touched $212.19 in early trading on June 16, according to Benzinga.
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Oppenheimer set the highest published target at $190, already undervalued, while Morningstar set a much lower fair value at $63 a share, according to Insider Monkey’s recap of analyst coverage.
The bulls haven’t left yet. Baron Capital bought another $1 billion in SpaceX stock, increasing its stake to nearly $25 billion, founder Ron Baron told CNBC, while Cathie Wood’s ARK funds added an estimated $530 million, according to TheStreet. There is real conviction behind the move. There is also a widening gap between that belief and any written estimate of what the shares are worth.
Related: Jim Cramer’s Value: How much are ‘Mad Money’s’ stock picks?
Where the SpaceX stock rally goes next
Cramer’s concern that there are no sellers may backfire. The property is already in the building. Retail investors get about 30% of the offering, more than the usual 5% to 10%, and buy at $135. Anyone who owns such a large profit has a reason to sell momentum.
That is the silent danger under the vertical chart. Early adopters, venture backers, and heavy retail float are all sitting on paper profits at the same time. A market with no sellers can turn into one with too many when the situation changes quickly.
None of this means the company is broke. SpaceX uses more than half of the world’s orbital launches, Starlink keeps adding subscribers, and the company continues to feed its AI ambitions, reportedly agreeing to buy Cursor maker Anysphere for $60 billion, according to Reuters. Business is real and growing.
The open question is whether the price has run miles ahead of itself. For anyone who bought SPCX this week, that’s an important number. It’s not a dream size, but the range between $212 and the target that only publishers believe is worth it. The dream can be right and the entry can still be wrong, and a stock fan just said so on live television.
Related: SpaceX president reveals what investors should watch
This story was originally published by TheStreet on Jun 18, 2026, where it appeared first in the investing category. Add TheStreet as a favorite source by clicking here.
