Jim Cramer has praised Space Exploration Technologies Corp. (NASDAQ: SPCX), popularly known as SpaceX, after it surpassed the $200 mark for the first time since its mega initial public offering (IPO).
In an X post on June 16, Cramer referred to SpaceX as a ‘Monster’ after the stock outshined his expectations. As SpaceX prepared for its latest IPO last week, Cramer cautioned SPCX investors about a potential repeat of a bust like Cerebras Systems Inc. (NASDAQ: CBRS), as Finbold reported.
As such, Cramer has criticized SPCX surge, whereby he suggested that they have become a meme stock due to a lack of sellers. Notably, SpaceX’s initial circulating supply after its recent IPO consists of approximately 555.6 million shares sold, representing roughly 4% of the company’s nearly 13 billion total shares outstanding.
Most pre-IPO shareholders are subject to a lockup that releases up to 20% of their eligible shares after the second quarter 2026 earnings report. Elon Musk and certain significant investors face a 366-day lockup expiring around mid-2027 with no early releases.
With SpaceX stock attracting more investors who may have missed an entry during the IPO, Cramer highlighted that the company could grow to the size of Nvidia Corp. (NASDAQ: NVDA). At press time, SpaceX had a market capitalization of about $2.5 trillion, while Nvidia had a reported valuation of roughly $5.14 trillion.
SpaceX stock outlook
After closing Monday trading at $192.37, SpaceX stock surged to a fresh high on Tuesday. During the pre-market trading session, SPCX stock hovered at about $211.78, according to data from TradingView.
If the investors continue to flock into SpaceX over the coming days, the stock market could experience a further surge in accordance with Cramer’s prediction. Moreover, the company has strong fundamentals that are likely to attract more buyers in the near term.
