The recent surge in Space Exploration Technologies Corp. (NASDAQ:SPCX) shares is more a testament to Elon Musk‘s transformative business acumen than the company’s current earnings, says CNBC’s Jim Cramer.

Cramer opined that the company, potentially facing losses for years to come, does not warrant such a high valuation on its own. “The stock is called SpaceX, but it might as well be called Elon Musk,” he said. “It only gets there because it's run by Musk.”

In another instance, he also said SpaceX is trading like a “meme stock” similar to GameStop Corp. (NYSE:GME).

Despite Musk’s prediction of SpaceX generating an annual revenue of $1 trillion by 2030, Cramer thinks the stock’s allure goes beyond any single projection. He posits that investors are valuing Musk’s history of establishing industry-defining businesses and his knack for converting ambitious concepts into commercial opportunities.

Notably, a previous report indicated that the company reportedly recorded a loss of nearly $5 billion last year, despite raking in over $18.5 billion in revenue.

However, Cramer ...