Cramer: SpaceX Trades at 50x Sales as His Fantasy Flex Pick

For space and defense investors, Cramer's SpaceX commentary lands at a pivotal moment for the newly public launch and satellite internet leader. The flex framing captures SpaceX's real structure: launch-for-hire remains its oldest and most advanced business, Starlink is the near-term cash engine, and an emerging AI segment is the long-dated upside. But the warning that shares trade around 50 times forward sales while the company loses money and restricted stock unlocks as soon as September 13, 2026 should temper any hype.

On the September 8 episode of Mad Money, Jim Cramer slotted SpaceX (NASDAQ: SPCX) into the final "flex" position of his fantasy stock lineup, casting the newly public aerospace and satellite internet company as a multi-dimensional growth play meant to score "points" however it can. The comments, recirculated by Insider Monkey and Yahoo Finance on September 12, arrive as the company faces a near-term test: Cramer himself noted that a block of restricted SpaceX stock was unlocking "as early as tomorrow" from the September 12 publication—putting pressure on shares as early as September 13.

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The flex framing captures SpaceX's real structure: launch-for-hire remains its oldest and most advanced business, Starlink is the near-term cash engine, and an emerging AI segment is the long-dated upside.

Cramer's flex analogy is more than a football gimmick; it maps directly onto how SpaceX is actually structured. He noted that the company's oldest and most advanced division is launch-for-hire, its most lucrative division—at least for now—is the Starlink satellite internet business, and the long-term bull case among believers rests on what he characterized as the company's AI business. That three-part structure, combining aerospace infrastructure, satellite communications, and artificial intelligence, is rare in public markets and explains why he argued the "flex" label feels appropriate for a company that is hard to put in one box. The comparison to Atlanta Falcons running back Bijan Robinson—who posted nearly 1,500 rushing yards, seven rushing touchdowns, over 800 receiving yards, and four touchdown catches in the prior season—reinforced the idea of a versatile asset that can contribute in multiple ways.

For space and defense investors, the more substantive part of Cramer's commentary is the risk embedded in valuation. Cramer acknowledged SpaceX is currently losing money and the stock is trading at roughly 50 times this year's sales estimates. That is an aggressive multiple for a company without net income, even one with SpaceX's competitive position. The near-term unlock of restricted shares adds supply to the market and could test the stock's IPO-level enthusiasm. Cramer himself stopped short of calling it a near-term trade, saying "this one might take a little longer to pay off," which suggests the real message is cautious conviction: bullish on the diversified growth story, but aware of liquidity and execution friction.