DZ Bank analyst Markus Leistner initiated coverage of SpaceX with a "sell" rating and a $100 price target, which is about 25% lower than its closing price on August 20.
Leistner pointed out that SpaceX's massive capital expenditures (reaching $18.37 billion in Q2, with $15.83 billion allocated to AI computing infrastructure) and the equity dilution caused by acquiring AI platform Cursor through new stock issuance (valued at $60 billion) are the main reasons for its valuation facing a "collapse risk." Furthermore, SpaceX saw its second IPO lock-up period expire on August 20, releasing as many as 319 million restricted shares, which increased market supply pressure. Currently, SpaceX's stock price has fallen by approximately 40% from its post-listing high of $225.64 in June, and is down about 17% year-to-date.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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