Jim Cramer Skeptical of $2 Trillion SpaceX IPO Valuation, Cites Three Catalysts

SpaceX's initial public offering is set for June 12, 2026, targeting a $2 trillion valuation, but CNBC's Jim Cramer warns the price would represent a 100-times price-to-sales ratio on revenue still below $20 billion. Heavy investment in Starship and AI infrastructure keeps profits under pressure. Cramer points to three potential growth catalysts. The first is Starship's scheduled start of commercial payload missions in the second half of 2026, which could slash costs and raise launch frequency. Second, a deal with AI startup Anthropic will generate $1.25 billion monthly from a Tennessee data center beginning in 2029, adding $15 billion in annual revenue—nearly five times the AI segment's $3.2 billion last year. Third, a partnership with coding startup Cursor includes an option this year to acquire the firm for $60 billion, bolstering SpaceX's AI push following its integration with xAI earlier this year. Despite the transformative potential, Cramer advises caution, emphasizing that the IPO's debut price will ultimately determine whether the high valuation is justified.