Are SpaceX Bulls Deluding Themselves? This Wall Street Analyst Might Convince You So

SpaceX stock has fallen nearly 50% from its peak since IPO, trading below its $135 offering price. While Wall Street analysts issued bullish price targets averaging $278, Morgan Stanley forecasts no positive free cash flow until 2035 and estimates the company will need approximately $84 billion annually ($672 billion total) in external capital through 2034. The analysis suggests SpaceX's current $1.5 trillion valuation is difficult to justify given the decade-long cash burn projection, and the stock may continue declining as investors realize the company's ambitious goals remain decades away from profitability.