I Still Think SpaceX Stock Is Too Expensive. Its New Forecast Makes It a Much Closer Call.

SpaceX reported Q3 2026 revenue of $14.6 billion (up 161% YoY) with guidance for Q1 2027 revenue of $33-37 billion. The super intelligence segment nearly tripled to $7.6 billion. While the stock's valuation multiple improved from 80x to 68x sales on current metrics and could reach 15-16x on guided run rates, the analyst remains cautious, citing heavy capital spending plans ($35-40 billion in Q4), dependence on compute pricing holding up, and unfulfilled backlog contracts.