SpaceX stock rebounds, closing above $135 IPO price for first time in weeks
SkimNews Take
For a company of this scale, valuation now hinges on analyst conviction in a $100B revenue trajectory rather than near-term earnings beats — pricing a speculative forward path before fundamentals confirm it.
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- SpaceX shares gained 4% on Monday, closing above their $135 IPO price for the first time since July 15, rebounding from a recent low of $108.27.
- SpaceX reported Q2 revenue of $7.81 billion, beating analyst expectations of $6.93 billion, in its first earnings report since its June Nasdaq IPO.
- CFO Bret Johnsen said SpaceX is on pace to hit $100 billion in annualized recurring revenue by year's end, with Deutsche Bank citing the neocloud business and Cursor acquisition as primary drivers.
- SpaceX's first stock lockup expired Thursday, unlocking over 911 million shares for early investors — exceeding the 639 million shares sold in the IPO itself.
- Citi analysts reiterated SpaceX as a buy, holding a $200 price target with plans to adjust toward a $900+ long-term valuation as Starship milestones are hit.
- Wolfe Research cautioned investors not to confuse management's aspirations with likely outcomes despite "big beats" in the earnings report.
Why it matters: SpaceX cleared its first major post-IPO stress test: the lockup expiration dumped 911 million liquid shares into the market — more than the 639 million sold in the IPO itself — yet the stock closed above its $135 debut price on a revenue beat and credible $100 billion revenue roadmap. Early investors holding those unlocked shares now face a market that, at least for one session, absorbed the supply without flinching.
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