Just three days after the initial public offering (IPO) and during the initial rally, Jim Cramer opined on X that SpaceX (NASDAQ: SPCX) stock was a ‘monster’ at $200.
At the time, the post was jokingly criticized by the former hedge fund manager’s social media followers, including enterprise accounts and some prominent figures such as Tiffany Fong, in accordance with the popular meme that his bullishness tends to be a harbinger of disaster.
By press time on June 30, however, the joke turned serious as the SpaceX rocket took a stock market nosedive shortly after recording its $225.64 all-time high (ATH).
Indeed, while they have recovered slightly from the lows they hit late last week, SPCX shares are changing hands at $164.99 on Tuesday morning. Therefore, Elon Musk’s newer public company lost $17.51 of its value from the time Jim Cramer declared it a ‘monster.’
In other terms, an investor who decided to put $1,000 into the equity upon seeing the social media post would have suffered a $175.10 unrealized loss – provided they did not rush for the exit in the meantime – by press time on June 30.
Was Jim Cramer bullish on SpaceX stock ahead of the crash?
Simultaneously, it is worth pointing out that Jim Cramer remained skeptical throughout the SpaceX launch upsurge and, indeed, declared it a ‘meme rally’ of a ‘meme stock’ that was unlikely to be sustained.
Indeed, even the CNBC host’s forecast made during the uptrend that he anticipates the shares of SPCX to climb one point per hour was likely ironic given the rest of his commentary from the period.
What is next for SpaceX stock in 2026?
Elsewhere, the SpaceX rocket and nosedive dynamic was, arguably, to be expected given the extreme IPO valuation of the company and the historical performance of similar previous offerings.
Additionally, the SPCX shares’ recent downturn is unlikely to prove permanent, and the equity will enjoy strong tailwinds as soon as July 7, as its inclusion in the Nasdaq-100 has been confirmed for the date.
SpaceX stock is likely to launch into the stratosphere once more, both in the days preceding the event and especially later in the month as index funds begin their automatic buying of the equity.
Lastly, the firm’s subsequent performance is harder to gauge as, on the one hand, major insiders will slowly be gaining the ability to sell – a fact they might be keen to take advantage off given the severe mismatch between the firm’s financials and market capitalization – but on the other, Wall Street experts overall appear confident the SPCX stock trajectory will remain upward at least by 2027.
Featured image via Shutterstock
