SPCX has $1.8T market cap and high multiples, Gary Black notes

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SPCX faces limited upside, high multiples

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10 hours ago

SPCX has $1.8T market cap and high multiples, Gary Black notes — SPCX faces limited upside, high multiples

Gary Black, managing partner and investor at The Future Fund, questions SPCX as an investment, noting that its $1.8 trillion market cap limits potential upside.

He points out that the company is not expected to generate profits until 2027, trades at a 2026 EV/Revenue of 47x and a 2026 EV/EBITDA of 110x, significantly higher than TSLA for the same period.

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Black previously argued that SPCX investors are paying 150 times projected 2026 EV/EBITDA, compared to 19 times for NVDA, highlighting a steep valuation gap in the sector here. He also noted recent market reactions to weak Samsung earnings, which dragged down AI chip stocks and pushed Brent crude higher here. These comparisons provide further context for his skepticism over SPCX’s upside potential.

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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