Investor Gary Black said on Thursday that he is not eager to buy into SpaceX's expected initial public offering, arguing that the Elon Musk-led rocket and satellite company appears too expensive at a valuation that may approach $1.75 trillion.

Black Questions SpaceX's IPO Valuation

"Not that interested in $SPCX," Black, managing partner at The Future Fund LLC, wrote on X. "I don't know of any $2T market cap companies that trade at 300x EBiTDA. Given all the hype, likely to be way overpriced. Will be more interested after it falls by 50%."

Not that interested in $SPCX. I don't know of any $2T market cap companies that trade at 300x EBiTDA. Given all the hype, likely to be way overpriced. Will be more interested after it falls by 50%.

— Gary Black (@garyblack00) May 21, 2026

Black criticized the premium embedded in the expected IPO valuation, saying investors who buy a company at about 300 times EBITDA leave little room for fundamental upside at the ...