Top Investor Calls SpaceX's 83x Valuation 'Bubblicious,' Even If Starlink Pulls It Off

A top investor questioned SpaceX’s valuation as “bubblicious,” arguing that even a successful Starlink may not justify the multiple paid by the market. David Bahnsen, Chief Investment Officer at The Bahnsen Group, told CNBC that SpaceX (NASDAQ: SPCX) carries a market capitalization of about $2.12 trillion after its June 12, 2026 IPO, and trades at roughly 83 times revenue. He framed Starlink—about 9,600 low-Earth-orbit satellites—as the engine, while noting Elon Musk’s plan for it to become a global mobile network. Bahnsen said a “teens multiple,” not “hundreds,” would be expected even if Starlink succeeded in competing with terrestrial telecoms, contrasting with Verizon’s trailing P/E of 11x and price-to-sales of 1.4x and T-Mobile US’s P/E of 19x and price-to-sales of 2.2. After pricing at $135 and briefly topping $225, shares later traded around $160, in the view that new buyers may be near breakeven.