SpaceX Stock Soared 19% on Its Market Debut. Here's Why I'm Not Buying It.

SpaceX went public on June 12, 2026, with a $2.1 trillion market capitalization and a 19% first-day gain. While the company has strong growth prospects across space launch, satellite connectivity, and AI infrastructure businesses, the analyst argues the stock is overvalued at a forward P/S ratio of 32.5 compared to the Nasdaq-100's 6.8, creating an unfavorable risk-reward profile even if Wall Street's 2027 revenue forecasts are met.