SpaceX stock has fallen 50% from its record high of $225 to about $110 as of August 6, driven by valuation concerns despite a $28.5 trillion addressable market across space transportation, satellite connectivity, and artificial intelligence. The company reported second-quarter 2026 revenue of $7.8 billion, a 92% year-over-year increase, with AI revenue surging 247% to $2.56 billion. CFO Bret Johnsen believes the AI business could reach a $100 billion annual revenue run rate by the end of 2026, but the stock currently trades at a trailing-12-month price-to-sales ratio of 65 against a market capitalization of nearly $1.5 trillion. SpaceX's forward price-to-sales ratio could drop to around 10 if AI revenue hits the forecast, though investors must weigh the risk that the AI growth story may not fully materialize.
