I'm No Longer Interested in SpaceX, and Elon Musk Is the Reason
Elon Musk may have ruined a great space stock by attaching an unprofitable AI business to it.
I'm No Longer Interested in SpaceX, and Elon Musk Is the Reason
Overview
For as long as I can remember, I have wanted to invest in Space Exploration Technologies (NASDAQ: SPCX).
Not quite as long as there has been a SpaceX, mind you. (The company was officially founded in 2002.) But beginning around 2015, when SpaceX attracted a $1 billion investment from Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) and Fidelity to help SpaceX build a constellation of broadband internet satellites -- that's about when SpaceX first appeared on my radar.
Details
SpaceX had a private market cap of about $10 billion at the time -- a long way from its current $2.4 trillion market cap. But even back then, I could see the possibilities in a company that was undercutting Arianespace and United Launch Alliance on the cost of space launch and planning to use ultracheap rockets to sell affordable satellite internet service to the world.
Source
Originally published at www.fool.com.
Related Articles
- SpaceX Will Surpass Nvidia and Become Wall Street's Most-Valuable Public Company by the End of Next Year, According to One Wall Street Analyst
- SpaceX Stock Has Plunged 3 Days in a Row. Is This a Red Flag or a Buying Opportunity?
- Investor assumptions about the AI trade are starting to stretch reality, Goldman Sachs says
