--- title: "Roger Altman Says ‘Nobody Understands How To Value’ SpaceX Or Anthropic, Evercore Chair Warns Investors To Brace For ‘Lot Of Volatility'" type: "News" locale: "en" url: "https://longbridge.com/en/news/291248429.md" description: "Evercore's Roger Altman warns that traditional valuation methods fail to accurately price high-growth companies like SpaceX and Anthropic due to AI scale and uncertain cash flows. He advises investors to brace for significant volatility, noting that while these are fundamentally strong companies, their stock prices may fluctuate sharply. This comes as SpaceX joins the Nasdaq-100, driving passive buying, while Anthropic prepares for its IPO with a near-$965 billion private valuation." datetime: "2026-06-30T07:33:41.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/291248429.md) - [en](https://longbridge.com/en/news/291248429.md) - [zh-HK](https://longbridge.com/zh-HK/news/291248429.md) --- # Roger Altman Says ‘Nobody Understands How To Value’ SpaceX Or Anthropic, Evercore Chair Warns Investors To Brace For ‘Lot Of Volatility' **Roger Altman**, Evercore founder and senior chairman, warned on Monday that traditional valuation methods struggle to capture high-growth companies such as newly public **SpaceX** (NASDAQ:SPCX) and IPO-bound **Anthropic**, where enormous scale, artificial intelligence and uncertain long-term cash flows make pricing difficult. ## Altman Warns Valuations Defy Easy Math "I don’t think anybody understands, at least I don’t, how to value companies like SpaceX or Anthropic. And they’re probably going to be some pretty, they’re very, probably very volatile prices like we’re seeing on SpaceX right now, on that side of it," Altman said on CNBC’s "Squawk Box." > "I don't think anybody understands how to value a company like $SPCX or Anthropic," says Evercore's Roger Altman. "People who own them have to be ready for a lot of volatility." https://t.co/ce7rucFQJ3 pic.twitter.com/3i4uzLYMrF > > — Squawk Box (@SquawkCNBC) June 29, 2026 "But the companies are fundamentally good, impressive companies. And that is the right… the important thing for the long term. But people who own them have to be ready for a lot of volatility," he added. Altman pointed to last week’s 8% to 9% drop in chip stocks as a normal and healthy correction after the index had doubled earlier in the year. Still, he said valuations across much of big tech remain exceptionally high by historical standards. **Read Also: Elon Musk Says He Would Be 'Disappointed' If SpaceX Does Not ‘Significantly Exceed’ These Bullish Revenue Milestones** ## SpaceX Swings After Nasdaq Inclusion News SpaceX shares rose more than 7% on Monday after **Nasdaq Inc.** (NASDAQ:NDAQ) said the company will join the Nasdaq-100 Index before the market opens on July 7. The move is expected to drive passive buying from funds tracking the index. The rally followed sharp swings in SpaceX’s first weeks of trading. The stock briefly pushed the company toward a nearly $3 trillion market value, above **Microsoft Corp.** (NASDAQ:MSFT), before retreating. Shares traded about 21% above their $135 IPO price on Monday and were up 8.85% over five days after falling more than 20% last week. Altman’s warning comes as retail demand for SpaceX has surged. The company allocated about 20% of its massive IPO to retail investors globally, after earlier discussions of setting aside as much as 30% through platforms including Fidelity and Charles Schwab. ## Anthropic Adds To Valuation Puzzle Earlier this month, Anthropic, the creator of Claude AI, confidentially filed to go public. A recent private round valued the company at nearly $965 billion, raising similar questions about how investors should price fast-growing AI firms before they begin trading publicly. Traditional valuation models are also clouded by business ties among these companies. Anthropic has signed a compute agreement with SpaceX for access to its Colossus data center capacity, tying the AI company’s growth directly to SpaceX’s infrastructure ambitions. According to **Benzinga Edge Rankings**, SpaceX stock fails to provide a favorable price trend in the Short, Medium and Long term. **Read Also: SpaceX's Cursor Takes AI Coding Agents To iPhone In Public Beta** _Photo Courtesy: JRdes on Shutterstock.com_ ### Related Stocks - [.NDX.US](https://longbridge.com/en/quote/.NDX.US.md) - [SPCX.US](https://longbridge.com/en/quote/SPCX.US.md) - [ANTH.NA](https://longbridge.com/en/quote/ANTH.NA.md) - [QLD.US](https://longbridge.com/en/quote/QLD.US.md) - [PSQ.US](https://longbridge.com/en/quote/PSQ.US.md) - [SPCH.US](https://longbridge.com/en/quote/SPCH.US.md) - [SPAL.US](https://longbridge.com/en/quote/SPAL.US.md) - [SPAX.US](https://longbridge.com/en/quote/SPAX.US.md) - [SPCM.US](https://longbridge.com/en/quote/SPCM.US.md) - [SPCU.US](https://longbridge.com/en/quote/SPCU.US.md) - [SPCF.US](https://longbridge.com/en/quote/SPCF.US.md) - [LOFF.US](https://longbridge.com/en/quote/LOFF.US.md) - [QID.US](https://longbridge.com/en/quote/QID.US.md) - [TQQQ.US](https://longbridge.com/en/quote/TQQQ.US.md) - [SQQQ.US](https://longbridge.com/en/quote/SQQQ.US.md) - [QYLD.US](https://longbridge.com/en/quote/QYLD.US.md) - [JEPQ.US](https://longbridge.com/en/quote/JEPQ.US.md) - [QQQI.US](https://longbridge.com/en/quote/QQQI.US.md) - [SNK.US](https://longbridge.com/en/quote/SNK.US.md) - [SSPC.US](https://longbridge.com/en/quote/SSPC.US.md) - [EVR.US](https://longbridge.com/en/quote/EVR.US.md) - [NDAQ.US](https://longbridge.com/en/quote/NDAQ.US.md) - [MSFT.US](https://longbridge.com/en/quote/MSFT.US.md) - [SCHW.US](https://longbridge.com/en/quote/SCHW.US.md) - [SCHW-D.US](https://longbridge.com/en/quote/SCHW-D.US.md) - [SCHW-J.US](https://longbridge.com/en/quote/SCHW-J.US.md) ## Related News & Research - ['Don't Expect More Miracles,' Says Investor About SpaceX Stock](https://longbridge.com/en/news/293529763.md) - ['Buy' SpaceX Stock as Its AI Opportunity Is 'Virtually for Free,' Says Top Analyst](https://longbridge.com/en/news/293480358.md) - [SpaceX lockup expiry: Morgan Stanley believes 'largely unchanged' fundamentals create attractive entry point at current levels](https://longbridge.com/en/news/293785215.md) - [AT&T won't need to worry about SpaceX for 'years,' analyst says](https://longbridge.com/en/news/293652573.md) - [What Happens to Stocks After Joining the Nasdaq-100 (History Has a Clear Answer)](https://longbridge.com/en/news/293201892.md)