SpaceX Stock Keeps Dropping. Here's Why I'm Still Waiting on the Sidelines

SpaceX stock has declined from its $225 peak to around $118 following its June IPO, but analyst Catie Hogan remains on the sidelines due to inflated valuation. Despite a $1 trillion market cap reduction, the company trades at approximately 85 times sales with a $1.6 trillion valuation against less than $19 billion in revenue. With $40 billion in expected capital expenditures and no profitability in sight, Hogan believes the stock is years away from justifying its price, despite the company's promising Starlink and rocket businesses.