SpaceX Stock Trades at Premium Despite Split Investor Views on AI Bet

SpaceX has returned to its IPO price of roughly $135 per share, carried upward by a 17.3% monthly gain rooted in the promise of artificial intelligence infrastructure and orbital computing. The market, as it so often does, is pricing not what the company is but what it might become — a distinction that separates believers from skeptics in ways that traditional valuation cannot easily resolve. At the heart of this tension lies an ancient investment question: how much faith is worth paying for, and at what point does optimism become its own form of risk.