SpaceX trades below its IPO price – and underperforms my 'Discarded Dozen'; PayPal soars on buyout offer; IBM crashes on profit warning due to AI; Bad news at OpenAI
1) As I predicted many times (archive here), the most overvalued large-cap stock of all time, SpaceX (SPCX), has continued to tumble... Yesterday, it hit a new all-time low and, for the first time, traded below its $135 IPO price. Don't even think about bottom-fishing this one, as it still trades at 92 times trailing revenues. That means it's still nearly 10 times overvalued, given that I think a generous multiple for the stock would be 10 times revenues. As a response to this extreme overvaluation, in my June 12 and June 15 e-mails, I named 12 beaten-down stocks I […]
July 16, 2026
|Whitney Tilson