Jim Cramer thinks investors may be creating their own problem. In a post on X on Thursday, the CNBC host argued that excitement surrounding Elon Musk‘s SpaceX and growing speculation about its eventual inclusion in the S&P 500 could be fueling an unusual rotation out of some of the market’s biggest winners.
“We create our own bearish problems,” Cramer wrote. “We float S&P inclusion on top of what I most fear, which is a $4 trillion valuation for SpaceX.”
The remark comes as SpaceX dominates headlines ahead of its highly anticipated public debut, with investors increasingly trying to gauge what the company could be worth once it begins trading.
The Opportunity Cost Of SpaceX
Cramer’s concern isn’t that SpaceX lacks potential.
Instead, he suggested investors may be selling stocks such as Nvidia Corp (NASDAQ:NVDA), Apple Inc. (NASDAQ:AAPL), Amazon.com, Inc. (NASDAQ:AMZN) and Microsoft Corp (NASDAQ:MSFT) to make room for what he views as a growing obsession with Musk’s private space giant.
“We have no sellers to speak of because we are in love with Elon, so we sell Nvidia, Apple, Amazon, Microsoft,” he wrote.
The comment highlights a phenomenon that has appeared repeatedly throughout market history: investors often fund the next big opportunity by trimming positions in the stocks that already worked.
In this case, the irony is hard to miss.
Nvidia remains one of the biggest beneficiaries of the artificial intelligence boom. Microsoft and Amazon are spending tens of billions of dollars expanding AI infrastructure. Apple remains one of the world’s most valuable companies.
Yet according to Cramer, investors may be increasingly focused on a company that has not even reached public markets.
The Next Great Market Story?
The $4 trillion figure cited by Cramer would place SpaceX among the most valuable companies in the world.
Supporters point to the company’s dominance in launch services, the rapid growth of Starlink and Musk’s ambitions in AI as reasons the valuation could eventually be justified.
For Cramer, however, the bigger issue appears to be investor behavior.
His warning wasn’t necessarily about SpaceX being worth too much. It was about what investors might be willing to sell in order to chase the next Musk-fueled dream.
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