The analyst noted that despite SpaceX's current market capitalization of $1.85 trillion, the aggressive capital expenditures and revenue growth expectations for its AI business (including the acquisition of xAI for $250 billion earlier this year) and Starlink business might still not support its current valuation. The analyst expressed skepticism about Elon Musk's projection of SpaceX reaching $1 trillion in revenue by 2030, suggesting that its stock price could fall to around $100 per share by then.