SpaceX Soars Past Amazon as Michael Burry Questions Valuation, June 19

SpaceX stock has risen approximately 50% since its Nasdaq debut on June 12, 2026, pushing the company’s market valuation above $2.66 trillion at Tuesday’s close. The historic IPO has sparked a sharp divide among investors. Hedge fund manager Michael Burry publicly questioned the valuation but stopped short of shorting the stock, calling the options too expensive. Meanwhile, Oppenheimer raised its price target to $250, citing SpaceX’s vertical integration into AI.

Record IPO Breaks Global Markets

SpaceX went public on June 12, 2026, under the ticker SPCX at an IPO price of $135 per share. The listing broke global records as the largest initial public offering in history, aimed at raising up to $75 billion in capital. The company’s market valuation reached approximately $1.75 trillion at listing and has since climbed above $2.66 trillion, now exceeding Amazon’s market cap. The IPO created thousands of new millionaires and centimillionaires among SpaceX employees and early investors.

Burry Sees Overvaluation, But Won’t Short

Michael Burry called SpaceX “fundamentally a small space company, a niche telecom” and flagged the company’s $41 billion accumulated deficit and $4.27 billion loss in Q1 2025. He noted SpaceX generated $18.7 billion in revenue in 2025, up about one-third year over year. Despite these concerns, Burry stated he is “neither short nor long” SpaceX, citing expensive options prices rather than conviction in a short thesis. This nuance matters: Burry is not bullish but is not currently betting against the stock either.

Oppenheimer’s Bull Case Hinges on AI Expansion

Oppenheimer lifted its price target to $250, citing SpaceX’s $60 billion all-stock acquisition of AI coding startup Cursor as proof of vertical integration. The firm estimates Cursor’s annual recurring revenue is running at a $4 billion rate today, up from $1 billion in 2025, and expected to reach $6 billion by end-2026. Oppenheimer raised SpaceX’s expected Q4 2026 AI revenue to $8.75 billion, up from $4.75 billion. The firm also frames Starship as a “launch moat” and a NASA-funded route to a lunar supply base, supporting both near-term AI revenue growth and long-duration hardware upside.

Broader Analyst Consensus Remains Bullish

Five of six analysts covering SpaceX rate it Buy or Strong Buy, even as the stock trades as a brand-new, highly volatile listing. The broader smart money on SpaceX is openly split, with Burry representing the skeptic community and Oppenheimer a comparatively constructive voice. The Cursor acquisition sparked concerns among some analysts, as the all-stock deal erased much of SpaceX’s post-IPO gains on the day of announcement. With Oppenheimer’s $250 target and five of six analysts bullish, the data points to continued upside despite near-term volatility.

Final Thoughts

SpaceX’s $2.66 trillion valuation has split the smart money: Oppenheimer targets $250 on AI upside, while Burry flags overvaluation but won’t short. Analyst consensus tilts bullish, suggesting limited downside from current levels.

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