--- title: "Gary Black Says 'The Math Doesn't Math' As SPCX Stock Stays Volatile After Blockbuster IPO— Compares Elon Musk-Led Company To Nvidia" type: "News" locale: "en" url: "https://longbridge.com/en/news/290559893.md" description: "Investor Gary Black criticized SpaceX's post-IPO valuation, stating 'the math doesn't math' as shares remain volatile. He argued that paying 150x 2026 EV/EBITDA is excessive compared to Nvidia's 19x multiple, despite SpaceX's higher growth projections. Economist Mohamed El-Erian noted significant investor divergence in gains and losses following the $400 billion valuation wipeout, while Peter Schiff commented on Elon Musk's paper losses." datetime: "2026-06-23T11:55:52.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/290559893.md) - [en](https://longbridge.com/en/news/290559893.md) - [zh-HK](https://longbridge.com/zh-HK/news/290559893.md) --- # Gary Black Says 'The Math Doesn't Math' As SPCX Stock Stays Volatile After Blockbuster IPO— Compares Elon Musk-Led Company To Nvidia **Elon Musk**\-led **Space Exploration Technologies Corp** (NASDAQ:SPCX) surged past $200 per share following its blockbuster IPO earlier this month, but investor **Gary Black** of **The Future Fund LLC** remained unconvinced by the commercial space flight giant’s valuation. ## SpaceX’s Valuation Concerns In a post on **X** on Tuesday, Black outlined that investors were overpaying for the company’s shares following the IPO. “Investors shouldn’t be paying 150x 2026 EV/EBITDA” for SpaceX. He then drew comparisons with chipmaker **NVIDIA Corp** (NASDAQ:NVDA), pointing to its far lower valuation. **Read Also: Cathie Wood Bets $32.5 Million On SpaceX Dip As Stock Crashes From Debut Highs — Ark Keeps Dumping Roku Shares** He said that NVIDIA was trading at “19x CY 2026 EV/EBITDA,” adding that the chipmaker’s long-term revenue growth was expected to be 10-15% annually. “The math doesn’t math,” he said. > As I argued last week when $SPCX cruised past $200, investors shouldn’t be paying 150x 2026 EV/EBITDA for a business expected to show long-term rev growth of 35-40% per year (4x PEG). $NVDA trades at 19x CY 2026 EV/EBITDA and is expected to post long-term rev growth of 10-15% per… pic.twitter.com/V5YnjuV91i > > — Gary Black (@garyblack00) June 23, 2026 ## Mohamed El Erian, Peter Schiff Weigh In Economist **Mohamed El-Erian**, following SpaceX’s IPO, weighed in on the split between the gains and losses incurred by investors as $400 billion was wiped out from SpaceX’s valuation. “Investors who were lucky enough to acquire their exposure at the IPO are currently up 23%, while those who were very unlucky and bought at the high are down almost 25%. Wild!” the economist said in a post on **X**. On the other hand, economist **Peter Schiff** of **Echelon Wealth Partners** said that Musk had lost roughly $150 billion on paper, which is the net worth of investor **Warren Buffett**. “He’s still the world’s only trillionaire, so don’t feel sorry for him,” Schiff said. According to Benzinga Edge Rankings, SpaceX fails to provide a favorable price trend in the Short, Medium and Long term. **Price Action:** SpaceX shares were unchanged 0.00% at $148.18 during premarket trading Tuesday. **Read Also: After Calling For Elon Musk To Be Investigated, Ro Khanna Faces A $10 Million Challenge From Billionaire David Friedberg** **_Disclaimer:_** _This content was partially produced with the help of AI tools and was reviewed and published by a Benzinga editor._ _Check out more of Benzinga’s Future Of Mobility coverage by_ following this link. _Image via Shutterstock_ ### Related Stocks - [SPCX.US](https://longbridge.com/en/quote/SPCX.US.md) - [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md) - [NVDL.US](https://longbridge.com/en/quote/NVDL.US.md) - [LOFF.US](https://longbridge.com/en/quote/LOFF.US.md) - [SPCG.US](https://longbridge.com/en/quote/SPCG.US.md) - [SPCM.US](https://longbridge.com/en/quote/SPCM.US.md) - [SPCH.US](https://longbridge.com/en/quote/SPCH.US.md) - [SSPC.US](https://longbridge.com/en/quote/SSPC.US.md) - [NVD.US](https://longbridge.com/en/quote/NVD.US.md) - [SPCQ.US](https://longbridge.com/en/quote/SPCQ.US.md) - [NVDX.US](https://longbridge.com/en/quote/NVDX.US.md) - [07388.HK](https://longbridge.com/en/quote/07388.HK.md) - [07788.HK](https://longbridge.com/en/quote/07788.HK.md) - [SPCF.US](https://longbridge.com/en/quote/SPCF.US.md) - [SPAL.US](https://longbridge.com/en/quote/SPAL.US.md) - [SNK.US](https://longbridge.com/en/quote/SNK.US.md) - [SPCU.US](https://longbridge.com/en/quote/SPCU.US.md) - [NVDB.US](https://longbridge.com/en/quote/NVDB.US.md) - [NVDD.US](https://longbridge.com/en/quote/NVDD.US.md) - [NVDG.US](https://longbridge.com/en/quote/NVDG.US.md) - [NVDO.US](https://longbridge.com/en/quote/NVDO.US.md) - [NVDS.US](https://longbridge.com/en/quote/NVDS.US.md) - [NVDU.US](https://longbridge.com/en/quote/NVDU.US.md) - [NVDW.US](https://longbridge.com/en/quote/NVDW.US.md) - [NVDY.US](https://longbridge.com/en/quote/NVDY.US.md) - [NVYY.US](https://longbridge.com/en/quote/NVYY.US.md) - [NYYY.US](https://longbridge.com/en/quote/NYYY.US.md) - [NVDQ.US](https://longbridge.com/en/quote/NVDQ.US.md) - [DIPS.US](https://longbridge.com/en/quote/DIPS.US.md) - [09388.HK](https://longbridge.com/en/quote/09388.HK.md) - [MAGX.US](https://longbridge.com/en/quote/MAGX.US.md) - [SMH.US](https://longbridge.com/en/quote/SMH.US.md) - [SOXX.US](https://longbridge.com/en/quote/SOXX.US.md) - [SOXL.US](https://longbridge.com/en/quote/SOXL.US.md) - [SOXQ.US](https://longbridge.com/en/quote/SOXQ.US.md) - [XSD.US](https://longbridge.com/en/quote/XSD.US.md) - [PSI.US](https://longbridge.com/en/quote/PSI.US.md) - [FTXL.US](https://longbridge.com/en/quote/FTXL.US.md) - [ROKU.US](https://longbridge.com/en/quote/ROKU.US.md) - [NVD.DE](https://longbridge.com/en/quote/NVD.DE.md) ## Related News & Research - [Nancy Pelosi bought $3 million of NVIDIA in 2022!](https://longbridge.com/en/news/293815433.md) - ['Prof G' Scott Galloway Says Morgan Stanley's $300 SPCX Target Is the Stuff of 'Romantic Comedies'](https://longbridge.com/en/news/293961855.md) - ['Don't Expect More Miracles,' Says Investor About SpaceX Stock](https://longbridge.com/en/news/293529763.md) - [SpaceX Stock Has Plunged 45% Since Its IPO Peak — But Don't Panic, Says Goldman Sachs](https://longbridge.com/en/news/294106558.md) - [SpaceX lockup expiry: Morgan Stanley believes 'largely unchanged' fundamentals create attractive entry point at current levels](https://longbridge.com/en/news/293785215.md)