Freedom Capital’s Paul Meeks flags downside risks for SpaceX after shares climb 61% from $135 to $218

Freedom Capital Markets managing director Paul Meeks said SpaceX shares could be poised to fall after the company’s IPO sent the stock from $135 to as high as $218, a 61% gain. He pointed to a 2025 net loss of $4.9 billion and options-implied volatility of 97.5% as signs of unusually speculative positioning. Meeks said the company’s 4% public float and the approach of its first public earnings report in August, near the first wave of insider lockup expirations, could test the stock’s valuation.