The billionaire investor renewed his attack on SpaceX’s valuation, Mars ambitions and AI assumptions as the stock trades near $150 and benefits from demand tied to fast-tracked Nasdaq-100 inclusion.
Jeremy Grantham said he has a “90% bet” that SpaceX will ultimately suffer a historic collapse, extending his criticism of the company’s roughly $2 trillion valuation, Mars ambitions and AI-driven growth narrative. In remarks to Morningstar’s The Long View podcast, he said future investors would laugh at SpaceX’s prospectus language about making life multiplanetary and “extend the light of consciousness to the stars.” His skepticism comes as SpaceX trades about 7% lower over the past month at around $150 a share, only modestly above its $135 launch target, while Wall Street remains broadly bullish. Morgan Stanley has reportedly set a $300 price target, Goldman Sachs sees about $205, and J.P. Morgan targets $225 while saying Elon Musk’s goal of reaching $1 trillion of revenue by 2031 is possible but would require strong execution. Grantham also argued that recent Nasdaq fast-track listing rules are creating mechanical demand from index-linked buyers, helping support the stock even as he warns the business case depends either on extreme AI-driven change or a future crash.