The analyst believes that SpaceX's current share price of $135, based on an estimated revenue of $44.25 billion in 2026, results in an exorbitant forward price-to-sales (P/S) ratio of 41x, indicating an overvaluation. Furthermore, the lock-up period for pre-IPO insiders will end in phases, allowing early shareholders, including CEO Elon Musk, to sell their shares, which could increase market supply. The analyst advises investors to wait for SpaceX to demonstrate consistently strong post-IPO performance before considering a purchase.