CNBC host Jim Cramer is floating a provocative idea: Tesla Inc. (NASDAQ:TSLA) investors could trim TSLA exposure now to save dry powder for the SpaceX IPO. 

Cramer's Bold Take 

In a social media post reacting to JPMorgan's fresh downgrade of Tesla to Sell, with a call for the stock to plunge roughly 60%, Cramer shared his takeaway from the bearish note: 

"Bold… Must mean people are going to sell this one to buy SpaceX," Cramer wrote, framing a rotation trade from the struggling EV story to the private space giant whenever that IPO window opens.

The Downgrade to Sell

JPMorgan's downgrade hinges on a disconnect between Tesla's fundamentals and its recent price action, according to Brian Sozzi at Yahoo Finance. 

The bank notes that expectations for Tesla's financial and operational performance have "collapsed" across virtually every metric through the end of the decade, yet the stock has rallied more than 50% and analyst price targets are up over 30% over the same window. 

That mismatch, JPMorgan argues, implies the market is baking in a massive inflection in Tesla's performance sometime after 2030 — a period where results are expected to turn materially stronger than earlier forecasts, despite the current trend of those forecasts moving lower.

In plain English, the call is that Tesla's near- and medium-term story looks worse, but the stock is being supported by long-dated hopes far beyond this decade. 

JPMorgan urges investors to be cautious about paying current prices for that distant, high-execution-risk payoff, especially after factoring in the time value of money. 

According to Cramer, that opens the door to a new narrative: if Tesla is increasingly about a far-off future, while SpaceX is already posting real operational milestones and carries intense IPO hype, the "Dump Tesla, Chase SpaceX" trade becomes an alternative for Elon Musk-focused capital looking for its next catalyst.

TSLA Price Action: According to Benzinga Pro data, Tesla stock was up 0.91% at $363.86 in Monday’s premarket trading.

This image was generated using artificial intelligence via Gemini.