智通财经APP获悉，周一，SpaceX(SPCX.US)盘初跌超5%，报137.68美元，再度刷新上市以来新低，较历史高点225.64美元累计回落逾37%。消息面上，老牌投资人乔治·诺布尔再度发出看空之声，并预警未来数月该股将面临内部人集中减持的压力。诺布尔指出，SpaceX估值与基本面严重脱节。他测算，公司以135美元发行价上市时，市销率已逾90倍，挂牌后更一度逼近140倍市销率。
他指出，公司已公布的锁定期安排显示，内部人股份将分批解禁——自二季度财报发布后启动，持续至年底，最后一批定于2027年6月解封。据诺布尔测算，随着员工及早期投资者获得减持权限，这些解禁批次或将令可流通股本急剧扩张。他认为，未来数月股价的主要催化剂并非公司基本面，而是已披露的解禁时间表。诺布尔称，星链(Starlink)是SpaceX唯一持续盈利的业务，但单凭此业务不足以支撑公司当前市值。他估算SpaceX合理估值约为每股30美元，并称该公司为“我所见过的最为严重的大盘股估值泡沫”。
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