SpaceX Stock Is Up. Here Are 4 Reasons I'm Still Not Buying.

Despite SpaceX's historic IPO and stock gains, the author identifies four concerns: an inflated $28.5 trillion TAM claim with 93% from unproven AI division, the struggling xAI/Grok division burning $1 billion monthly with declining subscriber counts, non-durable compute deals with 90-day exit clauses, and unprecedented governance issues with Musk controlling 85% voting power while shareholders face arbitration-only disputes and limited proposal rights.