SpaceX stock rebounds to $135 IPO price after revenue beat
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- SpaceX shares briefly hit the $135 IPO price in early Monday trading, recovering from a recent post-IPO low of $108.27 after weeks of volatile swings.
- SpaceX reported Q2 revenue of $7.81 billion, beating analyst expectations of $6.93 billion, in its first earnings report since its June Nasdaq debut.
- CFO Bret Johnsen said SpaceX is on pace for $100 billion in annualized recurring revenue by year-end; Deutsche Bank called the target "likely very achievable" and tied it to the neocloud business and SpaceX's acquisition of AI coding company Cursor.
- SpaceX's first stock lockup expired Thursday, turning 911 million shares into liquid stock for early investors — exceeding the 639 million shares sold in the IPO itself.
- Citi analysts reiterated a buy rating with a $200 price target, planning to adjust toward a $900+ long-term valuation as Starship milestones are hit.
- Wolfe Research cautioned that despite Q2 "big beats," investors shouldn't "misunderstand aspirations of mgmt from most likely outcomes," while notional short interest in SpaceX had already surpassed Tesla's ahead of the earnings and unlocks.
Why it matters: With 911 million newly unlocked shares flooding the float — more than the 639 million sold at IPO — early investors can now exit freely, and notional short interest in SpaceX had already surpassed Tesla's pre-earnings. Whether the $100B revenue roadmap and Q2 beats can absorb that selling pressure until Starship milestones land will determine if the $135 recovery holds.
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