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CNBC's Jim Cramer said Tuesday that investors flocking to SpaceX are betting on Elon Musk's ability to create transformative businesses, not the company's current earnings power.
Key facts
While Musk recently projected that SpaceX could generate $1 trillion in annual revenue by 2030, Cramer argued that the stock's appeal extends far beyond any single forecast
The rally has intensified questions about whether SpaceX's roughly $2.5 trillion market value is justified
Adding to that opportunity set, SpaceX announced Tuesday that it will acquire AI coding startup Cursor for $60 billion in stock, deepening its push into artificial intelligence and software
The stock is called SpaceX, but it might as well be called Elon Musk," the " Mad Money " host said
Summary
"The stock is called SpaceX, but it might as well be called Elon Musk," the " Mad Money " host said. SpaceX has quickly become one of the world's most valuable companies following its blockbuster IPO on Friday. Cramer argued, however, that conventional valuation methods miss what many investors are buying. "There is no way this company, which could see losses for many years, deserves such a high valuation on its own.