Bill Ackman Says "Never Bet Against Elon," Even as He Passes on SpaceX Stock. Here's Why He's Staying Out.

Billionaire Bill Ackman, laminitis and CEO of Pershing Square Capital Management, gave his thoughts connected Space Exploration Technologies (NASDAQ: SPCX) and Elon Musk successful a caller interrogation with Money News Network. He spoke highly of Musk, calling him the astir talented technologist and entrepreneur of our generation, and said, "The connection is to ne'er stake against Elon."

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He besides called SpaceX a precise absorbing business, but said helium isn't touching it close now. If you've been considering buying this abstraction banal connected the dip, Ackman provided immoderate utile investigation connected what it does good and its main issue.

What Bill Ackman likes astir SpaceX

SpaceX has 3 halfway concern segments: abstraction launches, Starlink net service, and AI. Ackman heaped the astir praise connected Starlink, saying it's "enormously profitable" and a "near monopoly" connected planetary outer net service, some of which are close assessments. SpaceX's connectivity segment, which is powered by Starlink, earned operating income of $4.4 cardinal successful 2025. In presumption of having a adjacent monopoly, Starlink surpassed 12 cardinal subscribers successful June, and it accounted for 97.1% of each Ookla's planetary outer speedtest samples successful Q3 2025.

Ackman besides credited the company's abstraction and information infrastructure businesses, noting that "if you privation to rent 100,000 GPUs, [SpaceX] is astir the lone spot you tin bash that." It's worthy pointing retired that though Ackman says SpaceX is earning precocious returns connected its assets, Starlink is its lone profitable concern based connected the information presently available. Space launches posted a tiny nonaccomplishment successful 2025, and AI had an operating income of antagonistic $6.4 billion.

Why Ackman isn't investing

The question astir SpaceX, according to Ackman, is price. Because SpaceX went nationalist astatine a $1.77 trillion valuation, that impacts the upside. The valuation has since travel down to $1.43 trillion arsenic of July 31, which isn't surprising. The abstraction institution was precise richly valued from the beginning, and adjacent aft dropping rather a bit, it inactive trades astatine astir 75 times past year's $18.7 cardinal successful sales.

Ackman besides explained that SpaceX doesn't person the predictability that Pershing Square looks for. That makes consciousness erstwhile you comparison it to Pershing Square's large holdings, specified arsenic Brookfield Corporation, Amazon, Microsoft, and Meta Platforms -- each of which are highly profitable businesses.