SpaceX shares drop over 7% amid $2 trillion valuation unease
Business
SpaceX shares dropped over 7% on Wednesday, landing just under $160.
Since its June IPO, the stock has been a rollercoaster, shooting up past $225 before falling nearly 30%.
Investors are uneasy about the company's massive $2 trillion valuation and how fast it's burning through cash.
Analyst Dan Ives sets $190 target
Only five percent of SpaceX shares were released in the IPO, making prices swing even more.
Analyst Dan Ives still sees potential, setting a $190 target thanks to SpaceX's moves in Starlink internet, Starship rockets, and Colossus AI data centers.
But slow progress with Starship (no successful missions yet) could delay NASA's big Moon landing plans.
And with SpaceX joining the Nasdaq-100 soon, expect more ups and downs ahead.