SpaceX Faces Key Price Warning as Analyst Flags 45% Downside Risk

Phillip Securities analyst Glenn Thum issued a $75 price target for SpaceX (SPCX), implying a 45% downside from current levels. Thum cited concerns including high capital expenditures (2.4x revenue), revenue concentration risk (19.5% from single AI customer), $542 million operating loss in space segment, elevated P/S ratio of 86, and upcoming insider lock-up expirations that could trigger selling pressure.