Gary Black Says SpaceX Stock Still 'Ridiculously Overvalued' After 45% Selloff

SpaceX shares (SPCX) fell 5.43% to $123.60, trading about 9% below its $135 IPO price and roughly 45% off its intraday peak of $225.64. Future Fund Managing Director Gary Black said the decline validates his warnings, arguing the stock remains 'ridiculously overvalued' at 45x FY2026 EV/Revs and criticizing the $85B IPO structure for engineering a supply-demand imbalance with less than $100B free float supporting over $2T in paper value.

Why it matters: Black noted that despite the steep selloff and heavily scrutinized prospectus, most Wall Street analysts still carry Buy ratings while only Morningstar has a Sell rating, concluding 'that says it all.'