SpaceX is rated STRONG SELL due to a $1.8 trillion IPO valuation and a P/S of 93x, despite persistent operating losses and questionable equity construction. SPCX's AI segment operates at a negative 193% margin, with most growth investment allocated here and equity rebuilt via unorthodox accounting after merging xAI. Key revenue contracts, such as Anthropic's, can be terminated on 90 days' notice, amplifying risk and undermining long-term revenue visibility.