SpaceX Still Not Cheap Near $135 IPO, Says Kayne Anderson's Biel

Julie Biel, Chief Market Strategist at Kayne Anderson Rudnick, said on CNBC's Fast Money that SpaceX still should not be considered cheap even if the stock falls back near its roughly $135 IPO price. The stock has now declined for six straight sessions and sits roughly 45% below its peak.

Biel argued that much of SpaceX's original valuation logic was driven by xAI rather than rockets, Starlink, and Starship on their own. A pre-merger sum-of-the-parts value for SpaceX and xAI, she said, may have been closer to $900 billion, implying the recent secondary-market reset still leaves the combined entity richly priced relative to its standalone aerospace and connectivity businesses.