Space Exploration Technologies Corp. (SPCX, Financials), the rocket, satellite and artificial intelligence company, will report its first results as a public business Tuesday with its shares under heavy pressure.
SpaceX has lost more than $500 billion in market value since trading began June 12. The stock ended Friday at $108.37 after four consecutive weekly declines, leaving the company valued at about $1.4 trillion.
That valuation remains difficult to support with current financial results. SpaceX trades at a trailing price-to-sales ratio in the 70s, is burning billions of dollars each quarter and has nearly twice as much debt as cash.
Investors will look closely at Starship, which is expected to begin delivering payloads into orbit during the second half of 2026. Delays could raise launch costs, slow Starlink expansion and increase capital requirements.
The company's AI spending will also draw scrutiny, including its orbital computing plans, hosted-compute contracts and proposed $60 billion acquisition of Cursor.
Bernstein maintained a Buy rating and a $239 target, while New Street set a $165 target and Cantor assigned $246.
The next catalyst will be management's outlook for Starship execution, cash needs and the path to sustainable AI-related revenue.