SpaceX stock (NASDAQ: SPCX) rebounded in premarket trading on Monday, but CNBC’s Jim Cramer is still refusing to buy the rocket and artificial intelligence company’s share, warning that upcoming unlocks could overshadow its earnings growth.
The stock climbed 8.62% to $134.27 on November 6, following a 9.05% fall the previous session. It was trading at $136.26 on Monday, still below its $160.95 closing price on its June debut.
Speaking on Mad Money, Cramer said he wants SpaceX for his charitable trust but believes more shares entering the market could offer a better buying opportunity.
Why Cramer expects share unlocks to weigh on SpaceX
The immediate concern is potential supply. SpaceX went public in June at $135 a share, when only a small portion of its equity was freely tradable.
Restrictions have since expired in stages, but Cramer estimates that only around one-third of outstanding shares can currently trade.
More lockups are scheduled to expire over the next eight months. Major releases involving Elon Musk and other insiders could follow second-quarter 2027 earnings, potentially in July.
“I think that supply short-term could overwhelm demand,” Cramer said on CNBC. He expects the growing pool of tradable shares to create opportunities to buy at lower prices.
An expired lockup does not oblige insiders to sell. However, it can increase potential supply at a time when investors are questioning lofty AI valuations.
Piper Sandler analyst Alexander Potter made a similar argument in August. In research, he warned that “the multiple may not correlate with fundamentals” as the float grew.
SpaceX stock price: Extraordinary growth carries hefty financing bill
SpaceX’s third-quarter revenue surged 161% to $14.6 billion, while adjusted earnings before interest, tax, depreciation and amortisation rose 306% to $8.8 billion.
Its Super Intelligence division contributed $7.56 billion in revenue, compared with $5.25 billion from connectivity, including Starlink.
That growth explains Cramer’s enthusiasm, but the difficulty is paying for the next phase.
Management forecasts fourth-quarter capital expenditure of $35 billion to $40 billion, nearly double the $20.1 billion analysts had expected.
On October 26, the company announced a commitment for an approximately $40 billion equipment-financing lease managed by Apollo Global Management to acquire Nvidia processors and related infrastructure.
The agreement remains subject to closing conditions. Other borrowing or fresh equity could still be needed, bringing interest expenses and possible dilution.
Cramer also flagged a potential merger with Tesla and political uncertainty surrounding data centres and launch facilities.
SpaceX stock today: Wall Street’s bullish forecasts
SpaceX expects an annualised revenue run rate of $100 billion by year-end and has guided to first-quarter 2027 sales of $33 billion to $37 billion.
Morgan Stanley analyst Adam Jonas raised his 2027 sales estimate by 93% to $175 billion. He said the bank was “pulling forward FCF break-even by four years (to 2031)” and cut projected debt issuance by about $280 billion.
Bernstein’s Douglas Harned raised his SpaceX price target to $268 from $248, according to TipRanks.
“We raise our SpaceX outlook primarily on terrestrial AI build plans,” he wrote, projecting substantially greater computing capacity through 2028.
Those forecasts depend on ambitious construction schedules, customer demand and financing remaining available. Slower deployment could quickly weaken the investment case, irrespective of present earnings momentum.
AI disclosure: AI tools assisted with research and drafting of this piece. An Invezz editor reviewed the facts, sources and wording before publication. Any opinions or analysis are Invezz’s, not those of an automated system.
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