SpaceX's Honeymoon Phase Over? $1.4 Trillion Vanishes in Under Two Months – Hsieh Jin-He: Stock Price Moves Like an 'Elderly Person Walking a Dog'

● Warning Signal in the Stock Market

Investor excitement surrounding SpaceX is rapidly shifting from a pre-IPO bubble-like state back to reality. Analysis suggests the company's estimated market valuation has plummeted by $1.4 trillion in just two months. Hsieh Jin-He, a renowned Taiwanese economic commentator, described this situation as the stock price moving 'like an elderly person walking a dog'—a sharp metaphor highlighting the loss of growth momentum and cooling market sentiment.

This sharp decline in valuation occurs despite SpaceX remaining a private company. Its valuation is indirectly reflected through private equity markets and the stock movements of related firms. Investors had previously placed excessive optimism on the grand vision led by Elon Musk—colonizing Mars and providing global internet access via Starlink. However, a more cautious outlook is emerging as the immense time and cost required to turn these visions into sustainable profits become clearer.

In particular, the Starlink venture faces challenges due to massive satellite launch costs and limited per-user revenue, making the path to profitability appear long. While reusable rocket technology is revolutionary, concerns exist that operational frequency and maintenance costs are falling short of initial optimistic projections. These practical hurdles are driving the correction of inflated valuations.

As Hsieh's analogy suggests, market focus is shifting from 'dreams' to 'profitability' and 'sustainability.' Moving forward, SpaceX will need not only technological success but also a solidified business model and greater financial transparency. While remaining private offers flexibility, continued massive investments require a clear return roadmap for investors.

This trend could ripple across startups in deep tech and space exploration that rely on long-term visions. Market support can no longer be sustained by innovation alone; achieving tangible milestones and accelerating revenue generation will be key differentiators in future valuations.