SpaceX stock may need a major reset before this investor buys

This article first appeared on GuruFocus.

Even if SpaceX (SPCX, Financials) the rocket, satellite internet, and AI infrastructure company established by Elon Musk keeps delivering, it may have a valuation problem.Oliver Rodzianko, an investor in the top 1% of TipRanks, downgraded the stock from Buy to Hold, stating he would rather wait for a much cheaper entrance.For Rodzianko, $90 would be a level where he could begin buying, and $60 would be even more attractive. That would be a big decline from about $150.The warning comes despite the excellent underlying figures. At the end of June, SpaceX had $47.5 billion in backlog, of which almost 90% was scheduled to be acknowledged within three years.Starlink is growing swiftly, too. Connectivity revenue was up 49% to $7.55 billion in the first half of 2026 while operating profitability was up 45%.The fear is spending. In the first half, SpaceX poured $28.5 billion into AI infrastructure, including $23.6 billion for AI infrastructure. Rodzianko's position is: SpaceX can be dominating, and still too expensive.That leaves valuation as the next catalyst for investors. The question is not whether SpaceX can grow, but how much of that potential is priced into the stock.