Investor Gary Black on Wednesday highlighted veteran investor Jeremy Grantham's warning that Elon Musk-led Space Exploration Technologies Corp (NASDAQ:SPCX) is the "craziest IPO in the history of man" after the company officially joined the Nasdaq 100, adding that he holds no position in the stock.
Black Shares Grantham's Bear Case In a post on X, Black shared Bloomberg AI's summary of a Fortune article, which said Grantham was "unimpressed" by SpaceX's goal to "build the systems and technologies necessary to make life multiplanetary" and believed "history will end up laughing at SpaceX", even as Wall Street remained broadly bullish.
"In 50 years, they'll be telling and writing stories about SpaceX, and they'll be quoting you paragraphs from the prospectus, and you will be laughing at it," Grantham said.
Famed investor Jeremy Grantham says history will end up laughing at $SPCX, the ‘craziest IPO in the history of man’ that just joined the Nasdaq 100Summary by Bloomberg AI▪Jeremy Grantham says history will end up laughing at SpaceX, calling it the "craziest IPO in the history…— Gary Black (@garyblack00) July 8, 2026 Grantham also questioned Wall Street's bullish recommendations, saying the company's valuation would require "massive developments on AI" and a world that looks "totally different" from today to be justified.
