SpaceX Hisse Senedi IPO Fiyatına Döndü: Yatırımcılar İçin Alım Zamanı mı?

SpaceX'in hisse senedi, IPO fiyatı olan $135 seviyesine geri döndükten sonra, yatırımcılar için değerlendirme dönemine giriyor. Hisse, $225 seviyesinde zirveye ulaşıp ardından %40 düşüşle günlük işlem yaptığı fiyata yakın seviyelere geri döndü. Bu fiyat dalgalanmaları, şirketin $1.77 trilyon değerlemeye sahip olduğu bir dönemde, piyasa değerinin $1 trilyon kaybına uğradığını gösteriyor.

IPO Fiyatının Gerçek Değeri

Investors are habituated to treating the IPO price as though it represents some natural level of support. (SPCX) was sold at $135, so when it returns to $135, it feels as though fair value has been restored. That is not how IPO pricing works.

The offering price was the number (SPCX) that its bankers and investors agreed upon during a competitive sales process. It valued the company at approximately $1.77 trillion and allowed (SPCX) to raise a record amount of capital. It was the price required to complete the deal, nothing more.

Aswath Damodaran, the NYU professor often called the dean of valuation, reached a different conclusion. After valuing (SPCX)'s launch, connectivity, and artificial intelligence businesses separately, he estimated the equity was worth around $1.3 trillion. That would place the shares closer to $100.

I would not treat any (SPCX) valuation as exact. Too much depends on businesses still being developed, markets that may not yet exist, and margins that could change dramatically. But Damodaran's work gives investors something the excitement around the IPO did not: a sensible starting point.

Yapay Zeka Varsayımlarının Etkisi

His biggest concern was artificial intelligence. The launch business has a long operating history. Starlink has real customers, revenue, and improving economics. xAI is different. Investors are being asked to value a business that is further from profitability, requires giant spending, and competes against some of the best-capitalized technology companies in the world.

■xAI, giant spending, and competes against some of the best-capitalized technology companies in the world.

■Starlink has real customers, revenue, and improving economics.

■Launch business has a long operating history.

Dr. Yaman Ege: "Bu düşüş, teknoloji zincirinin kırılma noktasını işaret ediyor. Özellikle TSMC ve ASML gibi tedarikçilerin talep baskısı, yapay zeka yatırımlarının sürdürülebilirliği açısından kritik. Eğer SpaceX'in yapay zeka segmenti beklenen performansı gösteremezse, bu durum Nvidia gibi şirketlerin değerlendirmesini doğrudan etkileyebilir. Piyasa, şu anki fiyat seviyesinde risk toleransını test ediyor."