SpaceX stock has plunged to a record low, but one analyst from Raymond James believes that it can jump to $800, with its valuation hitting $10 trillion.

The stock stands 40% below a peak attained after its IPO last month.

SpaceX (SPCX) closed at $131.11 on July 16, below its $135 IPO price for the first time since June's record $86B debut, as its 18,712 BTC treasury draws focus.