Retail investors in SpaceX may be buying into a narrative rather than hard financial data, according to a prominent finance academic.

Paulina Roszkowska, a Lecturer in Finance at Bayes Business School, has raised concerns regarding the current investment climate surrounding Elon Musk's aerospace venture. Speaking with CNBC’s Ritika Gupta, Roszkowska suggested that much of the enthusiasm from retail investors is built upon Musk's personal promises and what she described as "fan fiction."

The academic expressed specific concerns regarding the volatility and unpredictability of Musk's financial decisions, noting apprehension over how the billionaire might deploy his latest windfall. This critique highlights a growing tension in the modern investment landscape, where the influence of high-profile tech moguls can often drive market sentiment more effectively than traditional financial metrics.

SpaceX has rapidly become a cornerstone of the private space industry, driving significant interest due to its ambitious goals for satellite deployment and interplanetary travel. However, as the company's valuation continues to attract intense scrutiny, experts warn that the line between visionary technological advancement and speculative hype can become increasingly blurred. For retail investors, the challenge remains distinguishing between Musk’s long-term aerospace ambitions and the immediate financial realities of the enterprise.