SpaceX at $2 Trillion: The Math Says Pass, Not Buy

SpaceX surged past $2.1 trillion on its Nasdaq debut last Friday, closing day one up 19% at $160.95 after opening at $150. The crowd went all in on the largest IPO in history. The ticker is SPCX. The story everyone's selling is generational growth in space, satellite internet, and AI infrastructure.

The story the numbers tell is different. This isn't a misunderstood stock. It's a premium-priced one - and for a GARP analyst, the disconnect runs in the wrong direction.