SpaceX Stock Has Pulled Back 32%. Time to Buy?

SpaceX stock has fallen 32% from its IPO high of $225.64 to $153, raising questions about whether it's a buying opportunity. While the company shows impressive revenue growth (33% YoY to $18.7B) and Starlink profitability ($4.4B operating profit), SpaceX remains unprofitable overall with a $4.9B net loss in 2025. Despite the pullback, the stock's valuation remains stretched at over 100x sales and $2 trillion market cap, with analyst fair value estimates around $780 billion, suggesting the stock is still significantly overvalued.