Most Investors Are Overpaying for SpaceX Stock. Here's the Price I'd Actually Buy At.

While SpaceX has transformational potential through Starlink and orbital compute services, analyst Adam Levy argues the stock is overvalued at current prices. He contends the market is pricing in Elon Musk's $1 trillion 2030 revenue projection as certainty rather than possibility. Levy identifies significant risks including massive capital requirements ($672 billion through 2034), regulatory challenges, and unproven technology. He values the stock at $78 per share based on a more conservative $300 billion revenue projection for 2030, compared to the current price of ~$159.