SpaceX Stock: 3 Reasons I Am Not Buying the Dip

SpaceX stock has declined 20% from its IPO price despite strong Q2 revenue growth of 92% to $7.8 billion. The analyst identifies three concerns: massive AI spending ($15.8B capex in Q2) with uncertain near-term returns, shareholder dilution from the $60B all-stock acquisition of Cursor AI startup, and an unreasonable valuation with a P/S ratio of 73.4 compared to industry norms below 2. The author suggests waiting for further price declines before investing.