If You'd Bought $10,000 of SpaceX Stock at the IPO, Here's What You'd Have Today

Space Exploration Technologies (NASDAQ: SPCX) is a spectacular business with visions, ideas, and ambitions that, if accomplished, would absolutely change humanity forever. It's also an overvalued stock that has spent most of the weeks since its IPO reminding investors how gravity works.

If you had invested $10,000 in SpaceX at its IPO price of $135, your investment would be worth about $8,200 as of this writing, assuming you held on to your shares.

If, however, you bought the stock at its opening day price of about $150, your investment would be worth about $7,400. By contrast, if you had bought SpaceX at its peak price of about $225, then your shares would be worth roughly $4,900.

Now here's an interesting fact: Even after shedding over 50% from its peak price, SpaceX still carries a roughly $1.45 trillion market cap. It trades at about 78 times sales and about 40 times estimated sales, according to Barron's.

SpaceX, by traditional metrics, still looks pricey, even after the landslide that has wiped out more than $1 trillion from its peak market price.

SpaceX is set to report second-quarter earnings on Tuesday, Aug. 4, after market close. Unless that report surprises Wall Street with unexpected good news, such as revenue growing at a faster-than-expected pace, I don't anticipate this stock's downward trajectory changing for now.

For me, SpaceX is still a stock to watch, but not one to rush out and buy just yet. Investors might be safer buying an exchange-traded fund (ETF) that holds SpaceX than investing directly in the company at today's valuation.

Steven Porrello has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.