Jim Cramer sends a stern message to SpaceX buyers Tobi Opeyemi Amure Thu, June 18, 2026 at 7:47 PM PDT 6 min read SPCX MSFT Every generational stock reaches a moment where its biggest fans start watching the tape with one eye closed. The story is still good. The buying is still frantic. And somewhere in the back of the room, a few people who own the dream begin asking how much of tomorrow has already been priced into today. That moment arrived fast for the most hyped listing in market history. SpaceX (SPCX) priced its initial public offering ( IPO ) at $135 a share on June 12 and raised about $75 billion. It was the biggest stock-market debut on record, according to CNN . The stock jumped roughly 19% on its first day, kept climbing through June 15, and by the morning of June 16 the aerospace and artificial intelligence ( AI ) company had passed Microsoft ( MSFT ) toward a value near $2.7 trillion. Retail investors had reportedly placed more than $100 billion in orders before a single share changed hands. Then one of the loudest bulls on financial television flinched. CNBC's Jim Cramer, who has said more than once that he likes SpaceX, warned on June 16 that the stock had started to behave like something he no longer trusts. Jim Cramer say SpaceX is starting to trade like a meme stock, even as he admits he likes the company.TIMOTHY A. CLARY / Getty Images Why Jim Cramer is uneasy about the SpaceX stock surge Cramer's discomfort is about mechanics, not the mission. He said he would hate to watch a meme stock , which is what he believes SpaceX has become, get "walked to the size of Nvidia " through a string of overnight moves with no one selling, in a post on X . Nvidia ( NVDA ) carried a market value of roughly $5 trillion as of June 15, according to Companies Market Cap , so he was describing a near doubling from where SpaceX trades today. More Tech Stocks : Goldman Sachs has blunt message for AI stock investors Chip stocks jump as Strait of Hormuz reopens Evercore sends strong message to stock market bears His sharper point was about speed. He said watching the stock climb ten points in a couple of hours made him uneasy, and then he repeated that he still likes the company. That contradiction is the honest part, and it is the part that should land for anyone who bought this week. When I read through his post, the tell in my analysis was not the size of the gain. It was the idea of a one-way market where nobody is willing to sell. A stock that rises only because no one will take a profit is a stock waiting for the first person who does. Not everyone accepts the label. Analysts at 24/7 Wall St. argued that SpaceX fails the meme-stock test, because the rally...
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