SpaceX's First Wall Street Bear Just Placed A Sell Rating: Here's Why

CFRA analyst Keith Snyder initiated coverage on SpaceX with a Sell rating and $115 price target, implying 46% downside. While acknowledging SpaceX's strong Starlink business ($11.4B revenue in 2025), Snyder argues the current $2.75 trillion valuation excessively prices in unproven AI ambitions and future projects. Key concerns include $14 billion negative free cash flow in 2025 despite $6.8 billion operating cash flow, massive capital expenditures across multiple initiatives, and Musk's controlling 85% voting power. Snyder values the company at roughly $1.22 trillion using sum-of-the-parts analysis.