Investor Gary Black of The Future Fund LLC reiterated his cautious stance on Elon Musk-led Space Exploration Technologies Corp.‘s (NASDAQ:SPCX) stock, arguing its valuation remains difficult to justify despite enthusiasm from Musk supporters.

Gary Black Says He Has Been Cautious on SPCX

On Thursday, Black took to the social media platform X, where he responded to bullish SpaceX investors. The investor, in response to a user @RevolutionTesla, who said that the market will correctly price SpaceX once the share lock-up is over and time has passed, said that he had been “correctly cautious” on the stock due to its valuation.

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The investor then outlined SpaceX volatility, saying “went public at $135, then rose to $200, and then fell by 45% – all in 60 days.”

“What passes for research here on X is some big bold claim by Elon about what might happen by 2030 without any analysis or support,” he said. Black added that SPCX surging for a day was not “evidence” that his thesis was wrong.

Peter Diamandis, Gene Munster Bullish on SpaceX

In contrast with Black, X Prize Foundation‘s Peter Diamandis has maintained a bullish stance on SpaceX, saying that CEO Musk was building “civilizational level” infrastructure with the company and that the market has a hard time valuing SpaceX because it was multiple businesses crammed into one.

Deepwater Asset Management‘s Gene Munster also signalled a bullish take on SpaceX. He said that the company’s compute contracts with Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) and Anthropic would not be cancelled in the 90-day exit period.

Elon Musk Touts Terafab

Meanwhile, Musk touted the Terafab semiconductor manufacturing facility, saying that it will create 3,000 jobs in Phase 1 of the project in Texas and that it would cater to both Tesla Inc. (NASDAQ:TSLA) and SpaceX.

Benzinga Edge Rankings show SpaceX fails to provide a favorable price trend in the Short, Medium and Long term.

Price Action: SPCX fell 0.51% to $114.33 during overnight trading on Thursday.

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