Investing.com -- With SpaceX shares down over 11% premarket on Wednesday, Piper Sandler told clients in a note Wednesday that the decline, despite strong results, points to an upcoming surge in tradable stock and heavy capital spending rather than any weakness in the quarter. The CFO said SpaceX will reach a run-rate of at least $100 billion a year in recurring revenue by December, implying upside to consensus. Yet the stock trades down premarket, which Piper Sandler attributed to three factors. As long as the float keeps growing, Piper Sandler warned, "the multiple may not correlate with fundamentals." Related articlesAnalyst explains why SpaceX stock is down todayAZN spikes 6% after report it denies AstraZeneca-BMS merger talksShopify surges, AMD slides premarket as earnings disappoint