An assessment has emerged that SpaceX investors are betting on Elon Musk’s ability to create businesses rather than on the company’s current performance.

On June 16, CNBC reported that Jim Cramer (짐 크레이머) cited market trust in Musk personally, rather than the company’s profit-generating power, as the reason behind SpaceX shares surging.

Cramer said SpaceX’s high corporate value is difficult to explain using traditional valuation methods alone. He said the company could post losses for years, but is receiving its current valuation because it is led by Musk.

SpaceX has quickly risen into the world’s top tier of most valuable companies after a recent major initial public offering. The stock rose about 5 percent on June 16, lifting its valuation to about $2.5 trillion, and at one point topped Amazon and even exceeded Microsoft. Debate is growing over whether the current valuation is justified.

Musk recently forecast that SpaceX could generate $1 trillion in annual revenue by 2030. Cramer said the investment appeal is not based only on that figure. He said investors are valuing Musk’s track record of building businesses and his broader ability to turn bold ideas into commercial opportunities.

SpaceX operates the Starlink satellite internet network and a reusable rocket business. Over the long term, it is also pursuing a data center plan. SpaceX also announced on June 16 it would acquire the AI coding startup Cursor in a $60 billion stock deal, bolstering its expansion into AI and software development tools.

SpaceX is currently running losses, and many of the opportunities being discussed have yet to be fully realized. Even so, Cramer said these businesses could ultimately become meaningful growth drivers. He also said some investors view SpaceX as a channel to invest in a manager who can be expected to create value over the long term, like Berkshire Hathaway in the era of Warren Buffett.

Despite the controversy over overvaluation, buying interest continues. Cramer said buyers keep pushing the stock higher even as the company’s valuation is being debated.