SpaceX Has Nosedived 50% From Its All-Time High, and It May Realistically Lose Another 50% Before Its Valuation Makes Any Sense

SpaceX shares have plummeted 50% from their post-IPO peak of $225.64 to $113.37, with analyst concerns that the stock could fall another 50% before valuation becomes reasonable. The company trades at 38x forecast sales despite lacking recurring profits and sustainable operations. With xAI representing 93% of its addressable market, SpaceX faces significant risk if the AI bubble bursts, similar to historical tech bubbles.