SpaceX Falls 5.43% to $123.99 as Gary Black Calls $1.7 Trillion Valuation Unprecedented
Updated
Updated · Benzinga · Jul 20
SpaceX Falls 5.43% to $123.99 as Gary Black Calls $1.7 Trillion Valuation Unprecedented
3 articles · Updated · Benzinga · Jul 20
Summary
$123.99 marked SpaceX’s Friday close, down 5.43%, with the stock still showing a negative short-, medium- and long-term price trend.
Gary Black said SpaceX’s roughly $1.7 trillion market value implies a forward EV-to-revenue multiple near 40 times, a level he said has no precedent among trillion-dollar companies.
Black contrasted that with Nvidia, whose trailing multiple briefly neared 45 times but whose forward multiple generally stayed between 10 and 25 times as revenue growth accelerated.
The investor split remains sharp: Black said last week the $135 IPO price was too high and that he would not turn positive until the stock falls below $100.
Attention now shifts to SpaceX’s first public-company earnings report around Aug. 17 and the IPO lockup expiration, which follow a slide below the IPO price after a rocket failure erased about $1 trillion in value.
In mid-July 2026, SpaceX's stock price dropped below its IPO level after an aborted Starship V3 test flight triggered a sharp sell-off. The engine ignition failure on July 16 led to heightened investor scrutiny, with shares falling nearly 23% since joining the Nasdaq-100 and posting losses in nine of the last ten trading days. This setback renewed concerns about previous Starship challenges and underscored the importance of successful rocket tests for restoring confidence. Despite raising a record $85.7 billion in its IPO, SpaceX now faces intense pressure to deliver operational successes to reassure investors.