Cathie Wood has argued that Space Exploration Technologies Corp (NASDAQ: SPCX) could become a "deep value opportunity" in hindsight if Starship reaches Elon Musk's ambitious launch targets.

Her thesis rests on the potential for each Starship launch to support roughly $1 billion in revenue, but the $10 trillion annual figure she cited is an extrapolation, not SpaceX guidance.

The more immediate issue for SPCX investors is what the market is paying today. The market is already assigning a hefty price to the company's future: SPCX trades at roughly 66 times sales, according to market data.

At the same time, its chart is testing a key short-term support level. That leaves investors with a more immediate question: how much future growth is already priced in?

SpaceX Numbers

SpaceX, with a market capitalization of roughly $1.89 trillion, has a 66.2x price-to-sales ratio. Its forward P/E stands at roughly 192x, while EV/EBITDA is nearly 485x.

Those numbers don't necessarily invalidate the long-term growth story. They do show how much expansion investors are already paying for.

SpaceX reported $7.8 billion in second-quarter revenue, up 92% year over year. Adjusted EBITDA climbed 191% to $3.5 billion. Connectivity revenue and operating income also grew sharply as Starlink subscribers doubled.

That combination, rapid growth and an extraordinary valuation, is the central tension behind Wood's "deep value" argument. The stock can ultimately grow into today's multiple, but it will require the underlying businesses to scale dramatically.

SPCX Tests Key Support

The chart adds a second test.

SPCX trades at $143.49 after a recent dip. The stock sits almost exactly on its 20-day simple moving average at $143.27.

That level now matters because SPCX is also below its 8-day moving average at $147.94, suggesting its very short-term momentum has weakened. At the same time, the 50-day average at $134.34 remains below the stock, leaving a wider cushion underneath.

The technical picture is therefore less about an extreme signal and more about a stock caught between two trends. RSI (relative strength index) at 51.30 is near neutral, while the MACD (moving average convergence/divergence) indicator at 2.73 remains positive, indicating that momentum has not turned bearish even as SPCX trades below its shorter-term moving average.

The key question is whether the stock can reclaim the 8-day SMA or continue to hold the 20-day level.

SpaceX Growth Must Catch Valuation

The timing makes the setup particularly interesting. SpaceX is targeting Sept. 22 for Starship Flight 14, pending regulatory approval, with the mission designed to attempt Starship's first orbital flight and deploy 26 Starlink V3 satellites.

SpaceX CFO Bret Johnsen has called Flight 14 a "revenue-generating flight," marking a transition from demonstration missions toward production cadence.

For investors, the next catalyst is therefore not simply whether Wood's "deep value" prediction sounds plausible. It is whether SpaceX can translate rapid revenue growth and Starship progress into numbers capable of supporting a valuation that already assumes years of extraordinary expansion, while SPCX holds its key technical levels.