Grantham Criticizes SpaceX, Calls It a Crazy IPO

Famous investor Jeremy Grantham stated that the market may look back at the SpaceX IPO in 50 years with ridicule, calling it the craziest IPO in human history. He believes that SpaceX's grand vision and the market's enthusiasm for the company may be seen as overly optimistic. Grantham pointed out that SpaceX's stock price has recently come under pressure, falling about 7% from its peak a month ago, currently hovering around $150, slightly above the IPO target price of $135. Wall Street has differing views on SpaceX's future valuation, with Morgan Stanley setting a target price of $300, Goldman Sachs estimating around $205, and JPMorgan Chase considering the theoretical feasibility of achieving a $1 trillion revenue target by 2031, but emphasizing the need for strong execution capabilities. Grantham noted that SpaceX is highly dependent on Elon Musk's personal leadership, as Musk holds about 82% of the voting control, which brings risks related to governance structure and leadership changes. He acknowledged that inclusion in the Nasdaq index could bring additional buying pressure, but in the long run, SpaceX still faces significant challenges, and if it fails to meet expectations, this IPO will become a landmark event in financial history.