Former Fidelity Manager Warns Against SpaceX Amid High Valuation Concerns
George Noble, a former manager at Fidelity Overseas Fund, has labeled SpaceX one of the best short opportunities in the market. He argues that despite its recent IPO and strong retail investor interest, the stock is overvalued with fair value estimated around $30 per share—far below current levels near $140. Noble's concerns stem from a high valuation relative to revenue, forced index fund buying inflating prices post-IPO, and a mismatch between what institutional investors were pitched versus what retail traders perceive as the company’s core offering. SpaceX reported its first quarterly earnings after going public in June 2026 with $7.8 billion in revenue but posted a net loss of $541 million due to heavy spending and capital expenditures exceeding expectations. While Starlink remains profitable, most other segments continue to burn cash. Noble warns that the recent price bounce may be misleading as it was driven by index inclusion rather than organic demand. The stock is also facing significant insider selling pressure ahead of a new supply hitting the market soon.
Tickers: $SPCX
Topics: Fidelity George Noble shorting stocks SpaceX stock valuation