US Stock Market Move | Experienced investors are once again bearish on SpaceX (SPCX.US), causing the stock to drop more than 5% in early trading.

On Monday, SpaceX (SPCX.US) fell more than 5% in early trading, to $137.68, hitting a new low since it went public, down over 37% from its all-time high of $225.64. On the news front, veteran investor George Noble once again issued a bearish outlook, warning that the stock will face pressure from insider selling in the coming months. Noble pointed out that SpaceX's valuation is seriously disconnected from its fundamentals. He calculated that when the company went public at $135, its price-to-sales ratio was already over 90 times, and it even reached close to 140 times after listing. He noted that the company's lock-up arrangements show that insider shares will be gradually unlocked - starting after the release of the second quarter financial report until the end of the year, with the final batch set to be unlocked in June 2027. According to Noble's calculations, as employees and early investors gain selling rights, these unlock batches may significantly increase the amount of outstanding shares. He believes that in the coming months, the main catalyst for the stock price will not be the fundamentals of the company, but the disclosed unlock schedule. Noble stated that Starlink is the only profitable business for SpaceX, but this alone is not enough to support the company's current market value. He estimated a fair value for SpaceX of around $30 per share and called the company the "most serious large-cap stock valuation bubble" he has ever seen.