Scott Galloway is sounding a loud alarm over the valuation of SpaceX, calling the stock crazy overvalued during a recent podcast appearance. The NYU professor and investor argues that despite some volatility since its debut, the shares are trading far above their actual worth. While the stock recently closed around 146 dollars per share, Galloway believes the true value sits somewhere between 10 and 30 dollars. If his lower estimate holds true, the company would be worth less than seven percent of its current market price.

According to Galloway, this inflated pricing isn’t necessarily based on fundamentals but rather on specific market mechanics. He pointed out that because only a small fraction of shares were initially available for public trading, limited supply drove prices up. Furthermore, the company’s inclusion in the Nasdaq-100 forced index-tracking funds to buy in, creating artificial demand. While he praised Elon Musk as perhaps the greatest engineer of our time, he stopped short of granting him the same title in terms of financial engineering.

Other critics agree that the bubble is waiting to burst. Former Fidelity fund manager George Noble has labeled both SpaceX and Tesla as prime candidates for shorting, suggesting that retail investors and retirement accounts are holding onto assets at outrageous multiples of their revenue. Noble predicts a significant slide for SpaceX by the end of the year, citing social media hype and a tightening economic environment as catalysts for a crash.

Interestingly, Galloway admits that despite his bleak outlook on the numbers, he wouldn’t actually bet against the stock. He warns that Musk possesses a unique ability to galvanize followers and ignite investor enthusiasm through sheer ambition. Because SpaceX could easily turn into a meme stock fueled by another grand announcement like quantum computing on the moon, Galloway says he prefers to stay away entirely rather than risk fighting against Musk’s influence on the market.