Investor Gene Munster has a message for anyone selling SpaceX stock right now: you're looking at it wrong.

The Deepwater Management managing partner weighed in on SpaceX's (NASDAQ: SPCX) second-quarter results and conference call, and he's decidedly bullish even as shares tumbled in after-hours trading Tuesday.

Gene Munster on SpaceX Earnings

SpaceX's first public earnings report and conference call came with shares trading lower, but Munster thinks the sell-off is misguided.

"SPCX down 7% on great outlook given capex will be about 65% higher than the Street in Sep and Dec," Munster tweeted. The investor said the "market missing the point."

His reasoning? Higher capex is actually good for SpaceX because the stock is still early in its growth story. Munster highlighted the company's contracted revenue and rising run rate, which could hit $100 billion by the end of the year.

"Elon is the master at explaining the long-term vision in simple terms. That's a key reason why shares of SpaceX are going higher," he said.

Munster also noted that SpaceX beat revenue estimates, with Cloud and Starlink being the key contributors, adding $400 million and $450 million more than expected, respectively.

As for why shares were trading lower ahead of the call, Munster offered a simple explanation: "Makes sense. The first quarter as a public company is always expected to be a blowout. That's what we got."

SpaceX Hints at Future Growth

Munster shared two key takeaways from management commentary that could signal future growth for the space company.

SpaceX President Gwynne Shotwell said Starlink Mobile will launch at the end of 2027. The company expects to acquire lots of customers from existing mobile companies to become a true fourth carrier in the U.S. While this could mean higher capex, Shotwell noted that existing wireless spectrum bought from EchoStar will help in this venture.

Shotwell also said SpaceX expects to be on the Moon in 2028. "In line with roughly what has been talked about before and the market doesn't believe it," Munster said.

Munster puts a 70% chance on this happening in 2028 and a 95% chance of happening in 2029. "Either way, we are close. That's one reason to own SPCX. The carrot of the moon will give shares a perpetual bid."

SpaceX Stock Price Action

SpaceX stock is down 8% to $115.28 in after-hours trading Tuesday, versus a 52-week trading range of $104.83 to $225.64.

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