Bill Ackman, founder and CEO of Pershing Square Capital Management, highly praised Elon Musk in a recent interview as "the most talented technologist and entrepreneur of our generation," adding, "never short Elon Musk." However, he stated that he is not currently investing in SpaceX, primarily due to its high valuation and lack of predictability.

Ackman pointed out that SpaceX's initial listing valuation was as high as $1.77 trillion, and although it had dropped to $1.43 trillion as of July 31, it was still trading at a price-to-sales ratio of approximately 75 times last year's sales of $18.7 billion. Furthermore, SpaceX's business portfolio includes capital-intensive rocket launches (a small loss in 2025), profitable Starlink internet services ($4.4 billion in operating income in 2025), and an AI business that is still burning cash (negative $6.4 billion in operating income in 2025). This mixed model does not align with the predictability Pershing Square seeks in its investment targets. SpaceX's first lock-up period is set to expire on August 6, which could lead to further selling pressure.