[DigitalToday intern reporter Kyung-min Hong (홍경민)] Jim Cramer raised concerns about overheating, saying that if the share price of space company SpaceX surges excessively ahead of its listing it could lead to disastrous results for markets.

On June 11 (local time), CNBC reported that Cramer broadly assessed the possibility of an abnormal spike in the price on SpaceX's first trading day, which has drawn explosive investor demand, and the risks of inexperienced investors entering the stock.

The space and artificial intelligence company SpaceX, led by Elon Musk (일론 머스크), is set to begin full-scale trading from June 12. The company set its IPO price at $135 a share, valuing it at $1.77 trillion. An unprecedented level of demand, more than four times the originally planned offering size, was reported to have poured into the IPO. While strong subscription demand is generally seen as positive, Cramer warned that excessive demand itself could cause serious problems.

For the share price to settle in a stable way, the most ideal outcome is for it to start slightly above the IPO price and trade in an orderly manner. SpaceX, however, is now seeing strong institutional buying interest combined with enthusiastic retail attention. It also faces a unique environment in which incentives for passive inflows tied to possible inclusion in major stock indexes could push the share price vertically higher soon after listing.

A particular concern is an assessment that a large influx of inexperienced novice investors placing excessive market orders could push the stock to unsustainable levels. Cramer voiced deep concern, likening them to unguided missiles that cannot be controlled. If such blind buying floods in at once, SpaceX's market capitalization could briefly surpass the world's biggest companies.

But such a momentary spike rarely ends well, past precedents suggest. Cramer pointed out that SpaceX's valuation could temporarily reach $4 trillion to $5 trillion, but that would be a mirage lasting only a few minutes, and a rapidly inflated price bubble is bound to burst in an instant.

He cited Figma, which listed last July, and Cerebras, which entered the stock market in May, as representative failure cases. Those companies also saw their shares keep surging early on amid an investment frenzy, but the overheated pattern soon cooled and they entered a long-term decline, ultimately leaving most investors deeply disappointed.

In the end, the ultimate goal should be to create a controlled debut environment in which the stock can build value over the long term, rather than putting on a flashy first-day surge show. Overheated trading that breaks the market's balance can ultimately lead to a tragic ending of large losses for those who buy at the top and market disruption.

Ultimately, SpaceX's listing is a historic event combining expectations for technological innovation and a mass fan base, but as Cramer noted, short-term overheating that ignores valuation could be poison for the broader market. Rather than blindly chasing the stock based only on the symbolism of Elon Musk and the future value of the space industry, this is a time to take a flexible investment stance, coolly watching until early volatility subsides and the foundation is proven.