[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio195296d3":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio195296d3","SpaceX恐暴跌？只值每股30美元！","\u002Fdoc\u002Fdcio195296d3","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">SpaceX\u003Cspan style=\"font-family: DengXian;\">股价已从\u003C\u002Fspan>“\u003Cspan style=\"font-family: DengXian;\">史诗级\u003C\u002Fspan>IPO”\u003Cspan style=\"font-family: DengXian;\">后收盘价超过\u003C\u002Fspan>200\u003Cspan style=\"font-family: DengXian;\">美元的高点下跌了约\u003C\u002Fspan>28%\u003Cspan style=\"font-family: DengXian;\">，这促使资深投资人乔治\u003C\u002Fspan>·\u003Cspan style=\"font-family: DengXian;\">诺布尔（\u003C\u002Fspan>George Noble\u003Cspan style=\"font-family: DengXian;\">）重申了他的看跌立场，并警告称，该股在未来几个月将面临一波内部人士抛售潮，实际只值每股\u003C\u002Fspan>30\u003Cspan style=\"font-family: DengXian;\">美元。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>“\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">（\u003C\u002Fspan>SpaceX\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">成为）历史上规模最大的\u003C\u002Fspan>IPO\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">，也正在成为历史上规模最大的退出流动性操作，\u003C\u002Fspan>”\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">诺布尔上周六在社交媒体平台\u003C\u002Fspan>X\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">上发表的一篇长文中写道，并补充说，\u003C\u002Fspan>“IPO\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">的目的是将散户投资者的资金从他们手中夺走。\u003C\u002Fspan>”\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">美股投资网获悉，这位对冲基金经理拥有\u003C\u002Fspan>40\u003Cspan style=\"font-family: DengXian;\">多年的投资管理经验，之前曾连续多年管理富达海外基金。他解释称：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">SpaceX\u003Cspan style=\"font-family: DengXian;\">上市时的市销率超过\u003C\u002Fspan>90\u003Cspan style=\"font-family: DengXian;\">倍，而那些以远低于当前价格购入股票的内部人士即将开始将他们的股份出售给散户投资者；\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">让我来解释一下为什么这次\u003C\u002Fspan>IPO\u003Cspan style=\"font-family: DengXian;\">旨在让散户投资者血本无归：\u003C\u002Fspan>SpaceX\u003Cspan style=\"font-family: DengXian;\">从未盈利，去年亏损近\u003C\u002Fspan>50\u003Cspan style=\"font-family: DengXian;\">亿美元。发行时，你支付的价格是其市销率的\u003C\u002Fspan>90\u003Cspan style=\"font-family: DengXian;\">倍以上，在股价峰值时，市场估值一度接近\u003C\u002Fspan>140\u003Cspan style=\"font-family: DengXian;\">倍。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">30\u003Cspan style=\"font-family: DengXian;\">年前，\u003C\u002Fspan>Sun Microsystems\u003Cspan style=\"font-family: DengXian;\">的总裁详细解释过，即使支付\u003C\u002Fspan>10\u003Cspan style=\"font-family: DengXian;\">倍的市销率也几乎总是以失败告终，而他是对的。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">但他指出，估值并非真正的问题所在，而是稀缺性造就了如此高的估值。导致稀缺性消失的上市时间表也将最终压低股价。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">在\u003C\u002Fspan>IPO\u003Cspan style=\"font-family: DengXian;\">时，\u003C\u002Fspan>SpaceX\u003Cspan style=\"font-family: DengXian;\">的股票实际可供交易的比例不到\u003C\u002Fspan>5%\u003Cspan style=\"font-family: DengXian;\">。然后，指数委员会修改了规则，让这只股票在上市仅\u003C\u002Fspan>15\u003Cspan style=\"font-family: DengXian;\">个交易日后就被快速纳入纳斯达克\u003C\u002Fspan>100\u003Cspan style=\"font-family: DengXian;\">指数，迫使全国所有被动型基金和指数\u003C\u002Fspan>ETF\u003Cspan style=\"font-family: DengXian;\">在流通股最紧缺的时刻买入。仅纳斯达克的纳入就促成了约\u003C\u002Fspan>43\u003Cspan style=\"font-family: DengXian;\">亿美元的买盘，而罗素指数的权重调整又增加了约\u003C\u002Fspan>30\u003Cspan style=\"font-family: DengXian;\">亿美元的买盘。当时的供应量极少，买盘是强制性的。这是一场人为制造的拥挤，也是该股在上市首周突破\u003C\u002Fspan>225\u003Cspan style=\"font-family: DengXian;\">美元的原因。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">诺布尔强调，\u003C\u002Fspan>\u003Cstrong>SpaceX\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">的估值仍然与其基本面脱节。前期的上涨并非基本面驱动，而是他所谓的\u003C\u002Fspan>“\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">人为拥挤\u003C\u002Fspan>”\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">的结果。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">他进一步指出，这种趋势即将逆转。具体而言他解释称，公司已公布的禁售期计划规定，从第二季度财报发布后开始，分阶段解锁内部人士持有的股票，一直持续到年底，最后一批股票将于\u003C\u002Fspan>2027\u003Cspan style=\"font-family: DengXian;\">年\u003C\u002Fspan>6\u003Cspan style=\"font-family: DengXian;\">月解禁。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">诺布尔认为，这些措施的公布可能会大幅增加可交易流通股的数量，因为员工和早期投资者将能够出售股票。他指出，\u003Cstrong>未来几个月，公布的解禁计划，而非公司基本面，将成为股价的主要催化剂。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">“\u003Cspan style=\"font-family: DengXian;\">所有这些股票加起来，到\u003C\u002Fspan>9\u003Cspan style=\"font-family: DengXian;\">月初，内部人士最多可以出售公司\u003C\u002Fspan>44%\u003Cspan style=\"font-family: DengXian;\">的股份，这将使可交易的流通股数量激增约\u003C\u002Fspan>900%\u003Cspan style=\"font-family: DengXian;\">。所有这些股票都集中在\u003C\u002Fspan>SpaceX\u003Cspan style=\"font-family: DengXian;\">特意为散户投资者预留的股票上，因为\u003C\u002Fspan>SpaceX\u003Cspan style=\"font-family: DengXian;\">为个人投资者预留了近\u003C\u002Fspan>30%\u003Cspan style=\"font-family: DengXian;\">的发行份额，而不是通常的\u003C\u002Fspan>10%\u003Cspan style=\"font-family: DengXian;\">。\u003C\u002Fspan>”\u003Cspan style=\"font-family: DengXian;\">他补充道。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">最后，诺布尔指出，\u003Cstrong>星链是该公司唯一持续盈利的业务，但认为它不足以支撑\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cstrong>SpaceX\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">目前的市值。他估计\u003C\u002Fspan>SpaceX\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">的合理股价约为每股\u003C\u002Fspan>30\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">美元，并称\u003C\u002Fspan>SpaceX\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">是\u003C\u002Fspan>“\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">我见过的估值过高的股票\u003C\u002Fspan>”\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">“\u003Cspan style=\"font-family: DengXian;\">我可以告诉你，这是我一生中见过的最严重的财富转移之一，只不过被包装成了一个花哨的故事。特斯拉是股市历史上最大的资本错配案例。\u003C\u002Fspan>SpaceX \u003Cspan style=\"font-family: DengXian;\">可能已超过了它。\u003C\u002Fspan>”\u003Cspan style=\"font-family: DengXian;\">他写道。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FS\u002FSPCX\u002FSPCX.jpg","2026-07-13T04:58:48","2026.07.13","2026\u002F07\u002F13",35041,[22],"SPCX","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" target=\"_blank\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"edit":87,"editVideo":88,"courseContent":89,"more":90,"buyNow":91,"subscribeNow":92,"encoding":93,"paidContent":94},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]