Bloomberg Surveillance · Monday, August 3, 2026
Sarah Conce of Cleo Capital suggests that SpaceX's upcoming first public earnings report will be less important than understanding how much large shareholders, including Elon Musk, are willing to buy to support the stock. The stock is down over 30% since its IPO, and Conce questions the long-term promise of the company and the rationale for its high valuation.
“We know the headline story we'll hear at earnings. What we don't know is how much the fire sale we'll see and how much Elon and other large shareholders are willing to buy to stop the bleed.”
“I think that a lot of the move post IPO is because people are getting nervous about one the AI trade, the macro in general, and two they're realizing that this might be kind of the end of the line for Elon's ability to sort of construct reality.”
“And I think that when you look at the fundamentals of the company, you kind of scratch your head and say, wait, what am I paying a trillion plus for?”