SpaceX Is Back Above Its IPO Price. Is It too Late to Buy the Stock?

SpaceX stock has rebounded to $145, climbing above its $135 IPO price after dropping to $104. While insiders haven't sold post-lockup expiration and the company showed strong Q2 results with 92% revenue growth, analyst Prosper Junior Bakiny recommends avoiding the stock. With a P/S ratio of 64 and Wall Street's $235.69 price target implying 62% upside, the valuation already prices in near-perfect execution, particularly dependent on the unproven Starship rocket. Better entry points are likely to emerge.