Every generational stock reaches a moment where its biggest fans start watching the tape with one eye closed. The story is still good. The buying is still frantic. And somewhere in the back of the room, a few people who own the dream begin asking how much of tomorrow has already been priced into today.
That moment arrived fast for the most hyped listing in market history.
SpaceX (SPCX) priced its initial public offering (IPO) at $135 a share on June 12 and raised about $75 billion. It was the biggest stock-market debut on record, according to CNN. The stock jumped roughly 19% on its first day, kept climbing through June 15, and by the morning of June 16 the aerospace and artificial intelligence (AI) company had passed Microsoft (MSFT) toward a value near $2.7 trillion. Retail investors had reportedly placed more than $100 billion in orders before a single share changed hands.
Then one of the loudest bulls on financial television flinched.
CNBC’s Jim Cramer, who has said more than once that he likes SpaceX, warned on June 16 that the stock had started to behave like something he no longer trusts.
Jim Cramer say SpaceX is starting to trade like a meme stock, even as he admits he likes the company.TIMOTHY A. CLARY / Getty Images
Why Jim Cramer is uneasy about the SpaceX stock surge
Cramer’s discomfort is about mechanics, not the mission. He said he would hate to watch a meme stock, which is what he believes SpaceX has become, get “walked to the size of Nvidia” through a string of overnight moves with no one selling, in a post on X. Nvidia (NVDA) carried a market value of roughly $5 trillion as of June 15, according to Companies Market Cap, so he was describing a near doubling from where SpaceX trades today.
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His sharper point was about speed. He said watching the stock climb ten points in a couple of hours made him uneasy, and then he repeated that he still likes the company.
That contradiction is the honest part, and it is the part that should land for anyone who bought this week. When I read through his post, the tell in my analysis was not the size of the gain. It was the idea of a one-way market where nobody is willing to sell. A stock that rises only because no one will take a profit is a stock waiting for the first person who does.
Not everyone accepts the label. Analysts at 24/7 Wall St. argued that SpaceX fails the meme-stock test, because the rally rides on real launch, satellite, and AI businesses rather than a coordinated online crowd, according to 24/7 Wall St. The fairer read may be that Cramer is flagging valuation risk and reaching for the scarier word to make it stick.
What SpaceX stock actually represents now
SpaceX stopped being a pure rocket company months ago. Elon Musk folded his AI startup xAI into the business in February 2026, pulling the Grok models, the X social platform, and a fast-growing network of data centers under one ticker, according to TheStreet. That move is why Oppenheimer analyst Timothy Horan described it as the only fully vertically integrated AI company when he launched coverage.
There is also a crowd buying SpaceX for reasons that have little to do with rockets. The company held 18,712 Bitcoin worth about $1.3 billion at the end of the first quarter, and a SpaceX-linked futures market was clearing more than $1 billion in daily volume before the stock even listed, according to TheStreet. For part of this audience, SPCX is a way to bet on crypto and Elon Musk in one ticker.
The valuation is where the bull case gets harder to defend. SpaceX reported $18.67 billion in 2025 revenue against a net loss of $4.94 billion, which left the stock near 94 times trailing sales at its offer price, TheStreet has reported. Musk has told investors the company could reach $1 trillion in annual revenue by 2030, a target that asks buyers to pay now for a number that is five years away.
Then there is the part that got my attention when I lined up the research. SpaceX is trading above every published price target on Wall Street.
SpaceX priced at $135 and raised about $75 billion, the largest U.S. IPO ever recorded and roughly three times Saudi Aramco’s 2019 record, according to Reuters.
Shares closed near $160.95 on their June 12 debut, a gain of about 19%, according to CNBC.
The stock reached about $192.50 by June 15 and touched $212.19 in early trading on June 16, according to Benzinga.
Oppenheimer set the highest published target at $190, already beneath the price, while Morningstar pegged fair value far lower at $63 a share, according to Insider Monkey’s recap of analyst coverage.
The bulls are not gone. Baron Capital bought another $1 billion in SpaceX stock, lifting its stake to about $25 billion, founder Ron Baron told CNBC, and Cathie Wood‘s ARK funds added roughly $530 million worth, according to TheStreet. There is real conviction behind the move. There is also a widening gap between that conviction and any printed estimate of what the shares are worth.
Cramer’s worry about no sellers may have the risk backward. The supply is already in the building. Retail investors received about 30% of the offering, well above the usual 5% to 10%, and they bought in at $135. Anyone holding a gain that large has a reason to sell the moment momentum cools.
That is the quiet danger beneath a vertical chart. Early employees, venture backers, and a heavy retail float are all sitting on paper profits at once. A market with no sellers can flip into one with too many of them the instant the mood shifts.
None of this means the company is broken. SpaceX runs more than half the world’s orbital launches, Starlink keeps adding subscribers, and the firm continues to feed its AI ambitions, reportedly agreeing to buy Cursor maker Anysphere for $60 billion, according to Reuters. The business is real and growing.
The open question is whether the price has sprinted miles ahead of it. For anyone who bought SPCX this week, that is the number that counts. Not the size of the dream, but the distance between $212 and what the only people publishing targets believe it is worth. The dream can be right and the entry can still be wrong, and a fan of the stock just said so on live television.
