The market is unhinged. TSLA also continues to maintain an absurd valuation, and my bet is the same dynamic explains SPCX.

It's down 8% over past 6 months while the S&P500 is up 7%. It's definitely so far been not a great investment, unless you managed to get in and out during that brief huge upswing

If I understand correctly, the argument isn't that it can't _hold_ it's price, but that it's not worth investing in if the goal is _meaningful gains_.

Only a small fraction of SpaceX stock is available on the market.

The fact its price is only holding, as opposed to having maintained its initial growth, is an indicator (for me anyway) that the bubble is pretty close to its maximum size, and it could only take very few more breaths, cough Anthropic and OpenAI cough, to reach critical mass (mixing my metaphors).

But, as they say, bears sound smart, bulls make money.

As others said, the market is generally unhinged currently, with enough extremely wealthy people needing somewhere to put money that doesn't really matter to them, and I suspect some level of "investing in SpaceX public stock" is done to appease/appeal-to Elon.

Holding price is not enough.

Buying a stock that holds its price is equivalent to putting your money in a savings account with no interest.

That means public investors have made 0%