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SpaceX has secured a $1.6 billion military contract, can it be bought at the bottom? Can't save a $1.6 billion deal, is SpaceX really the next "good company, bad stock"? The $1.6 billion large order rose by 0.31% after hours. 0.31%. This scene is too magical-the US Space Force personally took the stage, and $1.6 billion was thrown in, and the stock price seemed to have no reaction. A month ago, it was the sexiest stock in the universe. 6 On December 12th, it was the largest IPO in history at $135. On the third day, it surged to $225.64, with a market value exceeding $2.6 trillion, stepping on Microsoft and beating Amazon. And now? 113 US dollar. The high point was halved by 52%. The market value evaporated by $1.2 trillion-losing an entire Tesla. The bearish people say: This company is not worth the money. 2025 The net loss for the whole year was $4.9 billion, and in the first quarter of 2026, the loss was $4.476 billion, almost equal to the full year of last year. IPO valuation is 1.77 trillion yuan, equivalent to 95 times the price-to-sales ratio. 140 times at the high point. Wall Street's big bear Michael Barry directly sprayed: "Even $1 trillion is not worth it. "Senior investors are more ruthless: "The fair value is only $30 per share. " The shorts have bet $25 billion, or 32 percent of the market. Three weeks ago, that number was 5 to 7 percent. The people who watch it say: You don't understand this company. Starlink's revenue in 2025 is $11.4 billion, with an operating profit of $4.4 billion. The military orders continue to flow-just signed 4.16 billion in May, and now an additional 1.6 billion. Morgan Stanley's target price is $300, and Goldman Sachs is $205. This is the only one in the world that can reuse rockets. Good company, right? But "good company" does not equal "good stock." 8 On June 6th, the first batch of 911.5 million shares were unlocked. At the current stock price, it's worth more than $100 billion. By the end of the year, tradable shares had skyrocketed from 639 million to 5.33 billion-an increase of more than seven times. $$SPCX