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Horizon Investments CIO Scott Ladner discusses the future of SpaceX in the market on ‘The Claman Countdown.’<\/p>\n
SpaceX has been fast-tracked into the Nasdaq-100 Index, meaning the stock performance of Elon Musk\u2019s rocket company is now directly tied to the retirement accounts, mutual funds and portfolios of millions of everyday American investors.<\/p>\n
But self-proclaimed market “permabear” and GMO co-founder Jeremy Grantham is heavily skeptical of the company’s valuation and long-term investment thesis.<\/p>\n
“Everyone\u2019s lining up to tell you to buy the craziest IPO in the history of man,” Grantham told Morningstar\u2019s “The Long View” podcast. “In 50 years, they\u2019ll be telling and writing stories about SpaceX, and they\u2019ll be quoting you paragraphs from the prospectus, and you will be laughing at it.”<\/p>\n
D.O.G.E. WEBSITE DEACTIVATES AFTER REACHING SELF-TERMINATION DEADLINE: \u2018COME TO AN END\u2019<\/p>\n
“In the end, the reality will come out, and this will turn out to be, of course, one of the landmark historical events that I so value in history looking back,” Grantham continued. “It will be amazing, by the way, if it doesn\u2019t collapse, because it will need such massive developments on AI that our entire lives are totally different.”<\/p>\n
GMO founder Jeremy Grantham warns that investors “will be laughing at” SpaceX’s stock valuation in the future. (Getty Images)<\/p>\n
SpaceX made its IPO debut on June 12, and began trading at $150 a share, above its listing price of $135 a share. As of midday Wednesday, the stock hovered around $149 per share and was down nearly 7% month-to-date.<\/p>\n
Goldman Sachs, JPMorgan and Morgan Stanley have posted bullish forecasts for SpaceX’s valuation, Fortune reported, with price targets ranging from $205 to $300 per share.<\/p>\n
Grantham also criticized Wall Street’s advice for clients to buy SpaceX, adding that even if the market ultimately validates the elevated share price, society will become a “strange one” where “we\u2019ll be lucky not to be bossed around by our automaton friends.”<\/p>\n
Elon Musk speaks on SpaceX’s journey and vision for the future ahead of the company’s IPO.<\/p>\n
SpaceX’s quick addition to the Nasdaq-100 Index has affected its stock performance, with Grantham also saying, “What that means is there\u2019ll be a lot of people who have to buy it for any index that is Nasdaq-y. So there\u2019ll be much more demand than there are sellers.”<\/p>\n
“So supply and demand being what it is, it\u2019s hard to imagine the price won\u2019t go up, and perhaps it will go up a lot,” Grantham said.<\/p>\n
SpaceX’s IPO raised $75 billion and was the largest IPO in history, surpassing Saudi Aramco’s $29 billion IPO in 2019.<\/p>\n
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Constellation Research founder R ‘Ray’ Wang discusses SpaceX joining the Nasdaq-100 and the triopoly of the memory chipmakers on ‘Varney & Co.’<\/p>\n
The IPO cemented Musk’s status as the world’s richest person, pushing the value of his holdings toward $1 trillion, a milestone no individual has previously reached.<\/p>\n
Founded by Musk in 2002, SpaceX has grown into the\u00a0world’s largest space company and a dominant force in commercial launch services. The company pioneered reusable rocket technology, helping lower launch costs and reshape the economics of the space industry. It has also become a key contractor for NASA and the U.S. government through civil and national security missions.<\/p>\n
READ MORE FROM FOX BUSINESS<\/p>\n
FOX Business\u2019 Eric Revell and Bradford Betz contributed to this report.<\/p>\n
#Billionaire #Jeremy #Grantham #SpaceX #IPO #craziest #market #history<\/p>\n","protected":false},"excerpt":{"rendered":"
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