SpaceX Has Already Dropped 30% From Its Peak: Time To Buy Below $165?

SpaceX stock has fallen 30% from its June peak of $225 to the mid-$150s following its record IPO. Despite the decline, the author advises caution, citing an extremely high valuation of over 100 times trailing revenue. With an average price target of $188 representing 17.5% upside, the author recommends most long-term investors wait for more clarity before investing, as the company's market opportunity estimates lack concrete backing.