SpaceX shares jumped further Tuesday, making the company more valuable than Amazon but further raising concerns of a bubble.

The space giant’s IPO last week broke records and investors have only piled in since. But the numbers are startling: Its price-to-sales ratio is almost 150, compared to less than four for Amazon, and while Amazon made $77 billion last year, SpaceX made a $4.9 billion loss.

The soaring value “feels like one of those meme stocks,” an analyst told Reuters: “You have to be very, very careful.” SpaceX itself is pushing ahead, completing a $60 billion deal to buy coding startup Cursor to advance its AI side, alongside building massive data centers in Tennessee.