SpaceX Stock: Is It Heading Back to $200?
Key Points
SpaceX posted double-digit growth across all of its segments last quarter.
The company also significantly shrank its losses.
The stock's valuation, however, remains high at around $1.9 trillion in market cap.
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There were fears earlier this month that shares of Space Exploration Technologies Corp (NASDAQ: SPCX), also known as SpaceX, would go over a cliff after it reported its earnings and its first lockup expired. And yet, that didn't happen. Instead, the stock has been rallying since then, reversing some of the losses it experienced in recent weeks.
Now it's back above its IPO price of $135, trading around $140. Growth investors have had second and maybe third or fourth thoughts about the stock and appear willing to buy it despite its rich valuation of nearly $1.9 trillion. Could SpaceX's rally continue, and could it end up getting back to $200?
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SpaceX showed significant growth and improvement on the bottom line last quarter
Growth investors may have been willing to look past SpaceX's valuation because the business is growing so significantly, on so many different fronts. Here's a snapshot of its growth for the June quarter, compared to a year ago. The values are in millions.
| Segment | Current Period | Prior-Year Period | % Change |
|---|---|---|---|
| Space | $962 | $746 | 29% |
| Connectivity | $4,291 | $2,588 | 66% |
| AI | $2,561 | $737 | 247% |
Table by author. Source: Company filings. Figures in millions.
From a growth perspective, there's a lot to like here, as SpaceX is not only growing at a high rate but also doing so across multiple segments; its growth isn't tied to just one area. Its space business is its smallest, but it may still have tremendous room to rise higher, especially with SpaceX looking to one day send people to Mars. Its ambitions are grand, and while it has a long way to go, growth investors may nonetheless be encouraged with what they are seeing thus far.
SpaceX also shrunk its operating losses last quarter to $143 million, down from $970 million a year ago. Meanwhile, its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $3.5 billion, which was nearly triple the $1.2 billion it reported in the prior-year period.
SpaceX stock has been rallying, but getting back to $200 won't be easy
SpaceX hit $200 in its early trading days after its IPO, when demand for the stock was tremendous. It's been around two months since then. The stock has been nosediving in recent weeks, and its rally, while encouraging, doesn't mean it's off to the races again or that it'll get back to its previous highs.
This remains an extremely expensive stock to own, and buying it at around $140, even though that is far below its previous highs, can be risky, as there's no guarantee it won't fall back down.
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David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
