CNBC's Jim Cramer warned on June 16 that SpaceX shares have started to trade like a meme stock, even as he reiterated he likes the company. SpaceX priced its IPO at $135 a share on June 12, raising about $75 billion in the largest stock-market debut on record, and the stock touched $212.19 in early trading on June 16, pushing its market value near $2.7 trillion. Cramer said watching the stock climb ten points in a couple of hours made him uneasy, and he described a one-way market where no one is willing to sell as a danger sign. Analysts at 24/7 Wall St. pushed back, arguing the rally is backed by real launch, satellite, and AI businesses rather than a coordinated online crowd, but Cramer's concern highlights that the stock is already trading above every published Wall Street price target, including Oppenheimer's high of $190. Retail investors received about 30% of the offering, well above the usual 5% to 10%, and early employees, venture backers, and that heavy retail float are all sitting on large paper profits that could unwind if momentum cools.
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