SpaceX Is Down 20%: Here's Why I'm Still Not Buying

SpaceX stock has declined below its $135 IPO price to around $119, but analyst Adria Cimino remains cautious about buying despite the pullback. While the company shows promise with its integrated rocket, connectivity, and AI businesses, concerns include high valuation relative to risk, limited visibility, and capital expenditures ($20B) exceeding revenue ($18B). Morningstar's fair value estimate of $63 suggests the stock remains overpriced.