SpaceX (SPCX) has seen its price-to-sales ratio fall from about 100 times trailing 12-month sales at its June public debut to 68 times now, after sales rose 92% in Q2 2026, its first report as a public company. Growth came from its rocket-launch, Starlink and xAI segments, which rose 55%, 32% and 213%, but only Starlink is profitable and the company posted a net loss of $541 million. Morgan Stanley analyst Adam Jonas calls the stock “Cheap and Getting Cheaper,” citing 30 times 2028 expected profit versus a median of 16 for big tech, and a growth-adjusted ratio of 0.3 versus a 0.5 median for large caps. He sets a $300 target against today’s $162 price, while Raymond James’ Brian Gesuale sees $800. The article cautions that expected growth is uncertain and that SpaceX remains expensive and risky on standard measures.
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