Gary Black Warns Tesla Stock Could Break Below $300, SpaceX Below $100 As AI Valuations Come Under Pressu

Well-known Tesla Inc (NASDAQ:TSLA) commentator Gary Black said Tuesday he expects the electric vehicle company's shares to fall below $300 and Space Exploration Technologies Corp (NASDAQ:SPCX) to break below $100, citing what he called excessive valuations as AI-related stocks continue to lose momentum.

Valuation, Not Fundamentals In a post on X, Black, the managing partner of The Future Fund, said both of Elon Musk's companies trade at forward fiscal 2026 price-to-earnings multiples of more than 175 times.

He expects that Tesla and SpaceX will fall below those prices in the coming weeks.

I expect $TSLA to fall below $300/share and $SPCX to break $100/share in the coming weeks on valuation concerns.

Both trade at FY’26 P/E in excess of 175x which seems excessive as AI-related valuations continue to unravel. pic.twitter.com/yK1722Cdm2— Gary Black (@garyblack00) July 28, 2026 Shares of Tesla have tumbled 29.82% so far this year and lost 5.57% over the past year, while SpaceX slumped 27.67% since its historic IPO in June.