Should You Buy SpaceX Stock Below $120?

SpaceX stock has fallen 43% from its IPO highs to around $120, but the article argues it remains overvalued. With a $1.5 trillion market cap and P/S ratio of 80 based on $18.7 billion in 2025 revenue, the stock would need massive revenue growth into the hundreds of billions to justify current valuations. The company's future depends heavily on AI data center infrastructure investments, which carry significant execution risk. Additional selling pressure is expected from post-IPO lock-up expirations.