Cramer Flags 3 SpaceX IPO Catalysts as $2 Trillion Valuation Looks Hard to Justify
Updated
Updated · CNBC · May 26
Cramer Flags 3 SpaceX IPO Catalysts as $2 Trillion Valuation Looks Hard to Justify
1 articles · Updated · CNBC · May 26
June 12 is the expected start of SpaceX trading, but Jim Cramer said the IPO looks difficult to justify at a reported $2 trillion valuation.
Less than $20 billion in annual revenue and steep losses in the prospectus imply roughly 100 times trailing sales, driven by heavy spending on AI infrastructure and Starship.
Starship is the first catalyst he cited: after a 12th test flight on Friday, SpaceX says payload delivery could begin in the second half of 2026, potentially reviving its slowing space business.
A $1.25 billion-a-month Anthropic compute deal through 2029 could add about $15 billion in annual revenue to an AI division that made $3.2 billion last year.
Cursor is the third catalyst, with a partnership tied to a $60 billion acquisition option; even so, Cramer urged investors to stay disciplined and consider waiting for pricing.
Is SpaceX's $2 trillion valuation a visionary bet on the future or a bubble fueled by AI hype?
Can new AI deals justify SpaceX's massive cash burn before its profitable Starlink business slows down?
Will Elon Musk's near-total control be SpaceX's greatest asset or its biggest risk for public investors?
SpaceX’s $2 Trillion IPO: Unprecedented Valuation, AI Ambitions, and the Risks Facing Investors in 2026
Overview
SpaceX is preparing for a historic IPO, expected as early as June 12, 2026, after officially filing in May and planning to list on Nasdaq under the ticker SPCX. The company aims to raise at least $75 billion, targeting a record-breaking $2 trillion valuation. This ambitious offering follows a confidential filing process, a public filing in mid-May, and an investor roadshow in late May. The IPO is positioned as a landmark event, drawing intense market attention and scrutiny due to its unprecedented scale and the high expectations for SpaceX’s future growth and innovation.