SpaceX Stock Has Pulled Back 32%. Time to Buy?

SpaceX shares have dropped 32% from their IPO high of $225.64 to $153, but the pullback may not signal a buying opportunity. The company posted $18.7 billion in revenue for the recent period, up 33% year-over-year, with its Starlink satellite internet division generating $4.4 billion in operating profit. Despite this growth, SpaceX remains unprofitable at the corporate level, reporting a $4.9 billion net loss in 2025.

The valuation picture presents a significant challenge for potential buyers. At current levels, SpaceX trades at over 100 times sales with a $2 trillion market cap. Analyst fair value estimates place the company around $780 billion, implying the stock remains overvalued by roughly 60% even after the recent decline.

The disconnect between Starlink's profitability and SpaceX's overall losses highlights execution risk as the company scales its launch services and other ventures. While revenue growth of 33% demonstrates strong top-line momentum, the path to overall profitability remains unclear with losses approaching $5 billion annually.