Scaramucci Says Musk’s ‘Cult Of Personality’ Drives Massive Tesla Premium — But He’s Still Betting Big On SpaceX

• Scaramucci said Tesla “is suffering and still carries a valuation that defies conventional metrics.”
• Analysts’ consensus expectations for Tesla’s 2026 free cash flow swung from about $38.8 billion positive in 2022 to negative $5.1 billion currently.
• Scaramucci said he invested in SpaceX and xAI, citing strong conviction in Starlink and the company’s broader satellite infrastructure strategy.

Anthony Scaramucci, managing partner and founder of SkyBridge Capital, said the “cult of personality” surrounding Elon Musk continues to inflate Tesla’s valuation, while positioning SpaceX as the long-term bet.

TSLA stock remains under heavy pressure and is on pace for its worst weekly decline in nearly seven months, extending a streak of eight straight weekly losses. Retail sentiment has also remained in the ‘bearish’ zone on Stocktwits over the past week amid ‘high’ message volumes. 

Tesla Valuation Debate Intensifies 

“The cult of personality around Elon Musk gives his companies an excessive premium that is off the charts,” Scaramucci said on X, adding that Tesla “is suffering and still carries a valuation that defies conventional metrics.” Tesla is currently trading at 169.9x forward 12-month earnings, nearly 8x the 21.2x multiple for Microsoft.

Scaramucci’s remarks come at a time when investors are increasingly questioning Tesla’s valuation in relation to weak near-term expectations for cash generation and vehicle growth. Analysts’ consensus forecasts for Tesla’s 2026 free cash flow have swung from expectations of about $38.8 billion positive in 2022 to negative $5.1 billion currently, Bloomberg noted.

The disconnect underscores how Tesla’s valuation relies heavily on expectations tied to autonomy, robotics and AI rather than its core EV business.

Why Scaramucci Is Betting On SpaceX Instead

Scaramucci said his investment decision comes amid stronger conviction in SpaceX’s satellite and infrastructure strategy than in Tesla’s current valuation setup. “I own SpaceX. I participated in a private round. I was also an investor in xAI,” he said.

He pointed specifically to Starlink, the company’s low-Earth-orbit satellite internet network, as a central driver behind his thesis. “I think Starlink alone is worth a fortune,” he said.

He also highlighted SpaceX’s long-term bet to build space-based data centers powered by solar energy. “I believe the idea of orbital data centers — getting energy from the sun, not the electricity grid, beaming it back down to earth via satellite technology is fascinating,” Scaramucci said. “It sounds like science fiction right now. I think it becomes fact,” he said. “And I think he’s better positioned to do it than anyone else on earth.”

Scaramucci said his SpaceX investment was shaped by a long-standing regret over not investing in Amazon at its 1997 IPO. “I missed Amazon,” he said, noting that $10,000 invested at the IPO would be worth nearly $20 million today.

Starlink Drives SpaceX Valuation Case

Investor attention around SpaceX has accelerated after reports the company confidentially filed for an initial public offering that could raise as much as $75 billion, potentially making it the largest IPO ever and valuing the company at $1.75 trillion.

SpaceX’s reusable rocket launch business and Starlink satellite network together are expected to generate nearly $20 billion in revenue in 2026. The company has also deepened integration across Musk’s broader tech ecosystem after merging with xAI, creating a combined entity valued at $1.25 trillion.

Tesla-SpaceX Deal Speculation Builds

Talks around a potential merger between Tesla and SpaceX have also intensified as financial ties across Musk’s companies deepen. Tesla recently received regulatory clearance to convert a previously announced $2 billion investment in xAI into an indirect stake in SpaceX following the merger between the two entities

However, Gary Black, managing partner at The Future Fund, said a Tesla-SpaceX merger could imply a 25% downside for Tesla shareholders under a “lowest-multiple rule,” where combined companies typically trade closer to the weaker valuation profile rather than a blended premium. Black has previously said that, “a Tesla-SpaceX merger is a solution looking for a problem.”

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