SpaceX Is Back Above Its IPO Price. Is It too Late to Buy the Stock?

SpaceX (SPCX) has rebounded to $145, pushing above its $135 IPO price after the stock fell to $104 in recent weakness. The recovery comes despite lockup expiration, with insiders holding their shares rather than selling, a vote of confidence following Q2 results that showed 92% revenue growth.

Analyst Prosper Junior Bakiny advises steering clear despite the momentum. The stock trades at a price-to-sales ratio of 64, while Wall Street's consensus price target sits at $235.69—implying 62% upside from current levels. The disconnect: that valuation already assumes flawless execution, particularly on the unproven Starship rocket program.

The insider hold pattern is notable. Lockup expirations typically trigger selling pressure as early backers cash out, but SPCX executives appear willing to ride the volatility. Still, at 64 times sales, the stock leaves little room for setbacks. Any delay or failure in Starship development—central to the company's long-term vision—could trigger a sharp re-rating.