Cramer Sounds Alarm on SpaceX (SPCX) Stock Surge Past Analyst Targets

Quick Overview

• SpaceX launched its $135 IPO on June 12, securing $75 billion in the largest public offering ever recorded, with shares climbing approximately 49% to $201.80 by June 19.
• CNBC’s Jim Cramer labeled SpaceX a “meme stock,” expressing concern he’d “hate to see it walked to the size of Nvidia” via rapid overnight price movements lacking seller resistance.
• SPCX now exceeds all established Wall Street price targets; Oppenheimer leads at $190 while Morningstar estimates fair value at merely $63.
• Ross Gerber noted “no one wants to talk about Tesla anymore,” though merger discussions between Tesla and SpaceX continue to circulate without confirmation.
• Baron Capital increased its position to approximately $25 billion while Cathie Wood’s ARK invested roughly $530 million, demonstrating substantial institutional support.

When SpaceX set its IPO price at $135 per share on June 12, the company captured $75 billion — establishing a new benchmark as America’s largest initial public offering, eclipsing Saudi Aramco’s 2019 record by approximately threefold. Trading commenced at $150 and concluded near $160.95 on day one, representing roughly a 19% increase. The shares advanced to $192.50 by June 15, briefly hitting $212.19 during early June 16 trading. As of June 19, SPCX was changing hands around $201.80, marking a nearly 49% climb from the offering price.

Space Exploration Technologies Corp., SPCX

Retail demand proved extraordinary, with over $100 billion in purchase orders submitted before market launch. These individual investors secured approximately 30% of available shares — significantly exceeding the standard 5% to 10% allocation.

Then Jim Cramer weighed in.

He expressed discomfort watching the stock jump ten points within hours, though he clarified his continued support for the underlying business. Nvidia commanded approximately $5 trillion in market capitalization at that moment, suggesting Cramer envisioned SPCX potentially doubling from current levels.

Not all observers share the meme stock characterization. Commentators at 24/7 Wall St. contended SpaceX diverges from traditional meme-stock patterns because the price movement reflects legitimate operations — orbital launches, Starlink satellite internet, and artificial intelligence initiatives — instead of social media-driven speculation.

Price Multiples Present Challenges for Bulls

SpaceX disclosed $18.67 billion in 2025 revenue alongside a $4.94 billion net loss. The IPO pricing implied roughly 94 times trailing twelve-month sales. Elon Musk has projected the enterprise could achieve $1 trillion in annual revenue by decade’s end.

Current trading levels now surpass every analyst price objective on record. Oppenheimer initiated coverage with the most optimistic target at $190 — a figure SPCX has already exceeded. Morningstar calculated intrinsic value at $63.

Despite stretched valuations, significant institutional capital continues flowing in. Baron Capital expanded its SpaceX holdings to approximately $25 billion following an additional $1 billion investment, according to founder Ron Baron’s CNBC interview. Cathie Wood’s ARK portfolios accumulated around $530 million in positions.

The Tesla Connection

Gerber, who has characterized Tesla as “worthless” absent a SpaceX combination, previously indicated any transaction would likely resemble SpaceX acquiring Tesla rather than a partnership between peers.

Wedbush analyst Dan Ives estimated the probability of a Tesla-SpaceX combination at roughly 80% last month, pointing to overlapping capabilities in artificial intelligence, robotics, semiconductors, and power systems. However, such scenarios remain purely hypothetical at present.

Since the June 12 debut, Tesla (TSLA) has declined 0.44% from that session’s closing price. SPCX has gained nearly 49.5% during the identical timeframe.

SpaceX maintains 18,712 Bitcoin valued at approximately $1.3 billion as of Q1 disclosures, and reportedly negotiated to acquire Cursor developer Anysphere for $60 billion.

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