SpaceX快跌回IPO价并非危机分析师：市场开始回归基本面关注星舰试飞

SpaceX(SPCX-US)股价周一 (13 日) 盘中逼近首次公开发行(IPO)，在投资人心神不宁之际，专家建议还不要轻易放弃。

SpaceX 一个月前风光上市，总募资 857 亿美元，IPO 定价为每股 135 美元，创美国史上最大规模 IPO 纪录，估值超过 1.7 兆美元。

Renaissance Capital 表示，SpaceX 让 2026 年成为美国「大型 IPO」的一年，但其股价在 6 月 16 日登上 225.64 美元之后，就失去部分动能。

SpaceX 周一盘中最低跌到 136.78 美元，与盘中历史纪录相比足足低了 39.4%，终场稍稍收敛跌势，以每股 139.14 美元作收。道琼市场数据显示，SpaceX 市值在 6 月 16 日触及 2.67 兆美元巅峰之后，迄今一路蒸发了 8310 亿美元。

在股价跌跌不休的情况下，SpaceX 在美国企业的市值排名也一路滑落至第七，目前排在博通 (Broadcom)(AVGO-US) 之后。在那之前，SpaceX 一直保持全美市值第六大企业的位置，甚至曾在 6 月 16 日短暂超越亚马逊(AMZN-US)。

Cerity Partners 合伙人 Michael Ashley Schulman 表示，SpaceX 股价回落至 IPO 价格附近，根本称不上危机，反而代表「IPO 时反映的故事性溢价，短期内已缺乏进一步推升空间。」

Schulman 说：「这样的情况，我们过去已经在许多知名 IPO 身上看过，当初定价已经非常高，自然也压缩了后续上涨空间。」

近期上市的 AI 晶片公司 Cerebras Systems(CBRS-US) 就是例子。该公司股价上月一度跌破 IPO 价格，目前来到约每股 204 美元，虽然远低于历史高点 386.34 美元，但仍高于 185 美元的 IPO 价格。

基本面仍受质疑市场押注的是马斯克愿景

SpaceX 估值一直备受争议，批评者认为，其基本面不足以支撑目前市值。

从财报来看，SpaceX 2025 年营收为 186 亿美元，但仍净亏损约 49 亿美元。相较之下，博通最近一个完整会计年度营收达 639 亿美元，净利 231 亿美元。

市场人士指出，SpaceX 目前的估值，主要建立在执行长马斯克描绘的宏大愿景，包括殖民火星、将超过 100 万颗卫星送入轨道，以及在月球建设电磁发射器。该公司预估上述愿景对应的可服务市场 (TAM) 合计高达 28.5 兆美元。

德银分析师 Edison Yu 上周首次发布 SpaceX 投资建议评等时，形容 SpaceX 代表着「人类文明雄心的巅峰」，并给予目标价 255 美元。

Raymond James 更乐观，认为牛市情境下甚至预估股价可达 1000 美元。

不过 Horizon Investments 研究主管 Mike Dickson 认为，随着时间推进，投资人终究必须根据 SpaceX 旗下众多业务的实际表现来评价公司，而不是只依靠 IPO 初期带来的市场热潮。

SpaceX 近期走弱，时机正巧为被纳为那斯达克 100 成分股后一周。该公司虽然已纳入那斯达克 100 等指数，但尚未进入标普 500，加上目前流通股数偏低，导致股价波动更加剧烈。

Reflexivity 共同创办人 Giuseppe Sette 表示，SpaceX 近期走弱，不代表这波涨势已经结束，「马斯克多头」仍会趁股价回档时逢低布局，押注后续反弹。

星舰第 13 次试飞成近期最大观察重点

SpaceX 下一个重要催化剂最快将于本周四登场：星舰 (Starship) 预定进行第 13 次试飞。

星舰是华尔街评估 SpaceX 长期价值的核心，一旦测试失败，将可能打击市场对公司未来发展的期待。

德银分析师 Yu 说：「星舰对 SpaceX 的星链 (Starlink) 卫星网路及人工智慧 (AI) 布局至关重要，因为两者都需要猎鹰九号 (Falcon 9) 无法有效提供的酬载重量与容积。」

美国联邦航空总署 (FAA) 周一已批准此次试飞，同时结束对前次发射事故的调查。

FAA 表示，SpaceX 已提出四项改善措施，以修正导致超重型火箭 (Super Heavy) 助推器失事的可能原因。

此次任务将首度利用星舰发射 20 颗第三代星链卫星，这些卫星将先与星链卫星网路完成连线，再于重返大气层时烧毁。

相较于前一次仅搭载 20 颗星链模拟器与两颗改装卫星，本次测试将进一步验证星舰执行实际卫星部署任务的能力。

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"SpaceX快跌回IPO价并非危机分析师：市场开始回归基本", "tagId": "", "attr": "", "articleView": null, "source": null, "author": "钜亨网", "description": "SpaceX(SPCX-US)股价周一 (13 日) 盘中逼近首次公开发行(IPO)，在投资人心神不宁之际，专家建议还不要轻易放弃。 SpaceX 一个月前风光上市，总募资 857 亿美元，IPO 定价为每股 135 美元，创美国史上最大规模 IPO 纪录，估值超过 1.7 兆美元。 Renaissance Capital 表示，SpaceX 让 2026 年成为美国「大型 IPO」的一年，但其股价在 6 月 16 日登上 225.64 美元之后，就失去部分动能。 SpaceX 周一盘中最低跌到", "img": "https://cimg.cnyes.cool/prod/news/6533239/l/68391f3f53f462d817fad69c9faec234.jpg", "content": "SpaceX(SPCX-US)股价周一 (13 日) 盘中逼近首次公开发行(IPO)，在投资人心神不宁之际，专家建议还不要轻易放弃。\n<img src=\"https://cimg.cnyes.cool/prod/news/6533239/l/68391f3f53f462d817fad69c9faec234.jpg\" alt=\"SpaceX快跌回IPO价并非危机分析师：市场开始回归基本面关注星舰试飞 \" style=\"width:50%;height:auto;border-radius:6px;margin:15px auto;display:block;\">\n\n\nSpaceX 一个月前风光上市，总募资 857 亿美元，IPO 定价为每股 135 美元，创美国史上最大规模 IPO 纪录，估值超过 1.7 兆美元。\n\nRenaissance Capital 表示，SpaceX 让 2026 年成为美国「大型 IPO」的一年，但其股价在 6 月 16 日登上 225.64 美元之后，就失去部分动能。\n\nSpaceX 周一盘中最低跌到 136.78 美元，与盘中历史纪录相比足足低了 39.4%，终场稍稍收敛跌势，以每股 139.14 美元作收。道琼市场数据显示，SpaceX 市值在 6 月 16 日触及 2.67 兆美元巅峰之后，迄今一路蒸发了 8310 亿美元。\n\n在股价跌跌不休的情况下，SpaceX 在美国企业的市值排名也一路滑落至第七，目前排在博通 (Broadcom)(AVGO-US) 之后。在那之前，SpaceX 一直保持全美市值第六大企业的位置，甚至曾在 6 月 16 日短暂超越亚马逊(AMZN-US)。\n\nCerity Partners 合伙人 Michael Ashley Schulman 表示，SpaceX 股价回落至 IPO 价格附近，根本称不上危机，反而代表「IPO 时反映的故事性溢价，短期内已缺乏进一步推升空间。」\n\nSchulman 说：「这样的情况，我们过去已经在许多知名 IPO 身上看过，当初定价已经非常高，自然也压缩了后续上涨空间。」\n\n近期上市的 AI 晶片公司 Cerebras Systems(CBRS-US) 就是例子。该公司股价上月一度跌破 IPO 价格，目前来到约每股 204 美元，虽然远低于历史高点 386.34 美元，但仍高于 185 美元的 IPO 价格。\n\n<h6>基本面仍受质疑市场押注的是马斯克愿景</h6>\n\nSpaceX 估值一直备受争议，批评者认为，其基本面不足以支撑目前市值。\n\n从财报来看，SpaceX 2025 年营收为 186 亿美元，但仍净亏损约 49 亿美元。相较之下，博通最近一个完整会计年度营收达 639 亿美元，净利 231 亿美元。\n\n市场人士指出，SpaceX 目前的估值，主要建立在执行长马斯克描绘的宏大愿景，包括殖民火星、将超过 100 万颗卫星送入轨道，以及在月球建设电磁发射器。该公司预估上述愿景对应的可服务市场 (TAM) 合计高达 28.5 兆美元。\n\n德银分析师 Edison Yu 上周首次发布 SpaceX 投资建议评等时，形容 SpaceX 代表着「人类文明雄心的巅峰」，并给予目标价 255 美元。\n\nRaymond James 更乐观，认为牛市情境下甚至预估股价可达 1000 美元。\n\n不过 Horizon Investments 研究主管 Mike Dickson 认为，随着时间推进，投资人终究必须根据 SpaceX 旗下众多业务的实际表现来评价公司，而不是只依靠 IPO 初期带来的市场热潮。\n\nSpaceX 近期走弱，时机正巧为被纳为那斯达克 100 成分股后一周。该公司虽然已纳入那斯达克 100 等指数，但尚未进入标普 500，加上目前流通股数偏低，导致股价波动更加剧烈。\n\nReflexivity 共同创办人 Giuseppe Sette 表示，SpaceX 近期走弱，不代表这波涨势已经结束，「马斯克多头」仍会趁股价回档时逢低布局，押注后续反弹。\n\n<h6>星舰第 13 次试飞成近期最大观察重点</h6>\n\nSpaceX 下一个重要催化剂最快将于本周四登场：星舰 (Starship) 预定进行第 13 次试飞。\n\n星舰是华尔街评估 SpaceX 长期价值的核心，一旦测试失败，将可能打击市场对公司未来发展的期待。\n\n德银分析师 Yu 说：「星舰对 SpaceX 的星链 (Starlink) 卫星网路及人工智慧 (AI) 布局至关重要，因为两者都需要猎鹰九号 (Falcon 9) 无法有效提供的酬载重量与容积。」\n\n美国联邦航空总署 (FAA) 周一已批准此次试飞，同时结束对前次发射事故的调查。\n\nFAA 表示，SpaceX 已提出四项改善措施，以修正导致超重型火箭 (Super Heavy) 助推器失事的可能原因。\n\n此次任务将首度利用星舰发射 20 颗第三代星链卫星，这些卫星将先与星链卫星网路完成连线，再于重返大气层时烧毁。\n\n相较于前一次仅搭载 20 颗星链模拟器与两颗改装卫星，本次测试将进一步验证星舰执行实际卫星部署任务的能力。\n\n \n<div class=\"related-articles seo-links\">\n <h4>相关阅读</h4>\n <ul>\n <li><a href=\"/new/mg/article-1985.html\" title=\"世纪IPO引爆！SpaceX认购金额冲上2500亿美元超额认购近4倍\">世纪IPO引爆！SpaceX认购金额冲上2500亿美元超额认购近4倍</a></li>\n <li><a href=\"/new/mg/article-11971.html\" title=\"Anthropic或成为全球唯一的私人企业？CEO 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