Jim Cramer Has a Warning for SpaceX (SPCX) Stock Buyers

TLDR

• SpaceX IPO’d at $135 on June 12, raising $75 billion — the largest IPO on record — and the stock surged ~49% to around $201.80 by June 19.
• Jim Cramer called SpaceX a “meme stock,” warning he’d hate to see it “walked to the size of Nvidia” through overnight moves with no sellers.
• SpaceX trades above every published Wall Street price target; Oppenheimer has the highest at $190, while Morningstar puts fair value at just $63.
• Investor Ross Gerber said “no one wants to talk about Tesla anymore,” with speculation about a Tesla-SpaceX merger remaining largely speculative.
• Baron Capital raised its stake to ~$25 billion and Cathie Wood’s ARK added ~$530 million, showing real institutional conviction behind the rally.

SpaceX priced its IPO at $135 per share on June 12, raising $75 billion — the largest stock market debut in U.S. history, roughly three times Saudi Aramco’s 2019 record. The stock opened at $150 and closed near $160.95 on its first day, a gain of about 19%. By June 15 it had climbed to $192.50, and in early trading on June 16 it touched $212.19. As of June 19, SPCX was trading around $201.80, up nearly 49% from its IPO price.

Space Exploration Technologies Corp., SPCX

Retail investors reportedly placed over $100 billion in orders before a single share traded. They also received about 30% of the offering — well above the typical 5% to 10% cut.

Then Jim Cramer spoke up.

He added that watching the stock climb ten points in a couple of hours made him uncomfortable, even as he repeated that he still likes the company. Nvidia carried a market value of roughly $5 trillion at the time, meaning Cramer was describing a near doubling from where SPCX trades today.

Not everyone agrees with the meme label. Analysts at 24/7 Wall St. argued SpaceX doesn’t fit the meme-stock profile because the rally is tied to real businesses — launches, Starlink, and AI — rather than a social media pile-on.

Valuation Is Where the Bull Case Gets Tested

SpaceX reported $18.67 billion in revenue in 2025 against a net loss of $4.94 billion. At the IPO price, the stock traded near 94 times trailing sales. Elon Musk has told investors the company could hit $1 trillion in annual revenue by 2030.

The stock is now trading above every published Wall Street price target. Oppenheimer, which launched coverage with the highest target, set it at $190 — already below where SPCX is trading. Morningstar put fair value at $63.

Still, big money is buying. Baron Capital lifted its SpaceX stake to roughly $25 billion after adding another $1 billion, founder Ron Baron told CNBC. Cathie Wood’s ARK funds added around $530 million worth.

The Tesla Angle

Gerber, who has argued Tesla is “worthless” without a merger with SpaceX, previously suggested any deal would look more like SpaceX absorbing Tesla than a merger of equals.

Wedbush analyst Dan Ives put the odds of a Tesla-SpaceX tie-up at roughly 80% last month, citing shared infrastructure across AI, robotics, chips, and energy. But it remains speculative for now.

Since the June 12 IPO, Tesla (TSLA) is down 0.44% from its close that day. SPCX is up nearly 49.5% over the same period.

SpaceX also holds 18,712 Bitcoin worth about $1.3 billion as of Q1, and reportedly agreed to acquire Cursor maker Anysphere for $60 billion.

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