Jim Cramer says SpaceX investors aren't buying earnings — they're buying Elon Musk

CNBC's Jim Cramer said Tuesday that investors flocking to SpaceX are betting on Elon Musk's ability to create transformative businesses — not the company's current earnings power. "The stock is called SpaceX, but it might as well be called Elon Musk," the " Mad Money " host said. SpaceX has quickly become one of the world's most valuable companies following its blockbuster IPO on Friday. Shares surged almost 5% Tuesday, pushing the rocket company's valuation above several technology heavyweights, including Amazon , and briefly surpassing Microsoft . The rally has intensified questions about whether SpaceX's roughly $2.5 trillion market value is justified. Cramer argued, however, that conventional valuation methods miss what many investors are buying. "There is no way this company, which could see losses for many years, deserves such a high valuation on its own. It only gets there because it's run by Musk," he said. While Musk recently projected that SpaceX could generate $1 trillion in annual revenue by 2030, Cramer argued that the stock's appeal extends far beyond any single forecast. Instead, he thinks investors are assigning value to Musk's track record of building category-defining businesses and his ability to turn ambitious ideas into commercial opportunities. "When you buy SpaceX here, you're really buying Elon Musk's brain," Cramer said. …