SPCX investors paying 150x 2026 EV/EBITDA versus 19x for NVDA, Gary Black argues

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SPCX investors paying 150x 2026 EV/EBITDA versus 19x for NVDA, Gary Black argues — SPCX trades at 150x 2026 EV/EBITDA

Gary Black, managing partner and investor at The Future Fund, questions the valuation of SPCX after it surpassed $200. Black points out that investors are paying 150 times 2026 EV/EBITDA for a company expected to deliver long-term revenue growth of 35-40% per year, resulting in a 4x PEG ratio.

In contrast, Black highlights that NVDA is trading at 19 times 2026 EV/EBITDA, with expectations for long-term revenue growth of 10-15% per year. He compares the growth and valuation metrics to emphasize differences in market expectations for each company.

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Earlier this year, Gary Black noted that the SPCX IPO opened at $150 and climbed to $164, drawing a comparison to META’s 2012 debut. Black has also commented on gains in custom AI chip makers, observing that AVGO shares rose ahead of earnings as Wall Street interest in the sector increased. These posts come as attention grows around valuation and growth expectations for new technology listings.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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