Galloway warns SpaceX shares could fall to US$10–30
The NYU professor argues SpaceX is substantially overvalued, citing losses, cash burn and debt-funded AI infrastructure spending.
Scott Galloway has reportedly put a US$10–30 valuation on SpaceX shares, well below the roughly US$148 level cited in a Yahoo Finance report published by TheStreet.
Galloway made the assessment on a recent podcast, arguing that the company’s share price does not reflect its underlying financial performance. He pointed to limited post-IPO share availability, Nasdaq 100 index buying and SpaceX’s US$25 billion bond offering as factors supporting the stock’s valuation.
SpaceX reportedly listed on Nasdaq in June 2026 at US$135 a share, raising more than US$75 billion and reaching a reported market capitalisation of US$1.91 trillion. The company’s revenue rose from US$10.4 billion in 2023 to US$23 billion over the latest 12 months, according to figures attributed to Fiscal.ai.
The same data showed trailing net losses of US$8.2 billion, free-cash-flow use of US$31.2 billion and capital expenditure of US$41.1 billion, largely linked to an AI compute buildout. Galloway argues the spending makes SpaceX an AI infrastructure investment as much as a rocket company.
Other market participants cited in the report are also bearish. Former Fidelity manager George Noble reportedly expects SpaceX shares could fall by as much as 50% by year-end. Consensus estimates compiled by Tikr.com, however, show 25 of 34 analysts rating the stock “Buy”, with an average price target of US$228.
