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    Starfighters Space (FJET): Assessing Valuation After a Volatile Post-IPO Surge in Investor Interest

    Simply Wall St·12/25/2025 13:24:54
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    Starfighters Space (FJET) has exploded onto investors radar after its NYSE American debut, with a $40 million IPO quickly followed by extreme trading swings and intense debate over how to value this hypersonic launch story.

    See our latest analysis for Starfighters Space.

    That frenzy has already fed into performance, with the share price return still up around 45.9% year to date at a latest share price of $12.40. This suggests momentum remains strong despite wild swings around the IPO and early trading sessions.

    If Starfighters rapid takeoff has caught your eye and you want to see what else is moving in defense and space, it is worth exploring aerospace and defense stocks as a next step.

    Yet with no revenue, ongoing losses, and a share price already several times above its IPO level, the key question now is simple: is Starfighters still an early stage bargain, or has the market already priced in its future growth?

    Price to Book of -62.9x: Is it justified?

    Starfighters Space currently trades on a deeply distorted valuation foundation, with a reported price to book ratio of -62.9 times against a last close of $12.40.

    The price to book multiple compares a company market value with the net value of its assets, which is often a key yardstick for capital intensive aerospace and defense names. However, when liabilities exceed assets and equity turns negative, that signal breaks down and a headline multiple like -62.9 times becomes more a red flag than a meaningful comparison tool.

    In Starfighters case, negative shareholders equity and ongoing losses mean the traditional book based lens offers little help in judging whether today market price is cheap or expensive. Instead, investors are effectively paying for future potential in hypersonic testing and launch services, long before a clear path to profits or a robust balance sheet has emerged.

    That disconnect is underscored by how far the figure sits from typical sector benchmarks, with the broader US aerospace and defense industry averaging around 3.8 times book value and Starfighters peers closer to 2.6 times. Rather than indicating a bargain, the company unusual capital structure and thin financial footing make direct multiple comparisons highly misleading at this stage.

    See what the numbers say about this price — find out in our valuation breakdown.

    Result: Price-to-Book of -62.9x (OVERVALUED)

    However, Starfighters zero revenue and continued losses mean that any delay in winning substantial contracts or securing funding could quickly undermine its hypersonic growth story.

    Find out about the key risks to this Starfighters Space narrative.

    Build Your Own Starfighters Space Narrative

    If you are not fully convinced by this perspective or would rather dig into the numbers yourself, you can build a tailored view in under three minutes: Do it your way.

    A great starting point for your Starfighters Space research is our analysis highlighting 4 important warning signs that could impact your investment decision.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.