By: Russ Kamp, CEO, Ryan ALM, Inc.

I’ve written a couple of times about SPCX and the ridiculous market action that propelled the stock following its IPO at $135 to a high of just over $225. On June 16th, I published my first post asking if SPCX was just another meme stock. I followed up the next day with the post, “Just Another Value Stock???” after learning that a large-cap value ETF had added the stock to its portfolio. The closing price on 6/16 was $202 following three challenging days of trading. Today, SPCX is trading at $132.69 at 12:49 pm (7/16/26). Perhaps that LC Value ETF was onto something. If the recent significant fall in price continues, SPCX might just become a value stock! Just because a company has an out of this world thesis, doesn’t mean that it’s a good stock. I have no idea where the company’s stock will trade going forward. I do know that ultimately fundamentals matter, whether we are talking about an individual company or a broader asset class. Caveat emptor!