Overview

SpaceX shares fell approximately 7% on Monday after KeyBanc raised concerns that the company’s valuation has become increasingly stretched following a sharp post‑IPO rally. The decline occurred as investors assessed whether the firm’s long‑term growth prospects can justify its elevated market value.

Bond Offering and Cash Position

The company launched a senior unsecured notes offering on the same day. SpaceX disclosed cash and cash equivalents of roughly $100.8 billion as of 19 June 2026. Proceeds from the notes are intended to repay bridge financing and for general corporate purposes.

Analyst Coverage and Valuation Metrics

KeyBanc initiated coverage of Space Exploration Technologies Corp with a “Sector Weight” rating, stating that the firm’s significant long‑term growth opportunities are already reflected in its share price. Six analysts assigned Buy ratings, while CFRA issued a solitary Sell rating. KeyBanc’s 2027 estimates imply a price‑to‑sales multiple of about 29× and an EV/EBITDA multiple of roughly 71×, representing a substantial premium to peers in the space, AI and communications services sectors.

Business Segments and Financial Performance

SpaceX operates three segments:

  • Connectivity – the Starlink satellite internet service, which contributed 61% of 2025 revenue and generated approximately $11.4 billion in revenue with a 63% adjusted EBITDA margin.
  • Space – launch‑vehicle activities including Falcon 9 and the next‑generation Starship.
  • AI – comprising the Grok chatbot and xAI computing infrastructure, formed after the February 2026 merger with Elon Musk’s AI startup.

The AI segment remains loss‑making but has secured major compute contracts: a deal with Anthropic valued at roughly $1.25 billion per month and a separate agreement with Google worth about $920 million per month. KeyBanc projects AI segment revenue to reach about $50.6 billion by 2027, making it the primary medium‑term growth driver.

Starship Development Timeline

KeyBanc identified the development schedule of Starship as the pivotal variable for its investment case. Starship flight 13 is scheduled for 29 June 2026. The rocket is essential for deploying next‑generation Starlink V3 satellites, lowering launch costs through full reusability, and eventually enabling orbital data centers. Analysts adopt a conservative stance on the timeline, viewing the next 12‑24 months as a “prove‑it” phase for the product.

Share Structure and Ownership

SpaceX has approximately 13 billion shares outstanding, with only about 5% in the initial public float. Elon Musk holds a 42% stake, which is locked up until June 2027.

Additional Notes

The article was reported by Senad Karaahmetovic for Reuters and published on 22 June 2026.