SpaceX (SPCX) stock climbed 1% to $134.65 in premarket trading Wednesday, recovering some ground after Tuesday’s 3.9% drop to $133.29. The stock was originally priced at $135 when it began trading on June 12.
Space Exploration Technologies Corp., SPCX
The premarket bounce followed SpaceX’s launch of 24 Starlink satellites to low-Earth orbit from Vandenberg Space Force Base on Tuesday night. It was the company’s 51st West Coast launch so far this year.
Starlink remains the core of SpaceX’s business, accounting for close to 70% of total revenue. The satellite division brought in $4.29 billion in Q2 2026 alone.
SpaceX reported Q2 revenue of $7.81 billion, up 91.9% year over year. The company posted a loss of $0.09 per share, beating the analyst consensus estimate of a $0.26 loss by $0.17.
Capital expenditure was heavy, at $15.8 billion for the quarter. That spending went toward orbital data infrastructure and scaling AI operations. The AI compute and Starship hardware divisions both posted operating losses.
Despite the strong revenue numbers, SPCX stock has had a rough run since hitting $201.80 on June 16. It had fallen more than 30% from that peak going into the first insider lockup expiry. That selloff never came.
The next lockup period ends Aug. 20, with an unlock event on Aug. 21 that could make roughly $42.5 billion of stock eligible for sale. Investors are watching this closely and adjusting positions ahead of it.
Elon Musk said SpaceX’s AI revenue will “definitely” exceed all other income next month. Morgan Stanley maintained a $300 base-case price target and a $600 bull-case scenario, citing AI upside potential.
Hyperion Asset Management purchased 1,177,203 SPCX shares in Q2, valued at approximately $201.1 million. That makes SpaceX 5.3% of its portfolio and its eighth-largest holding.
Several other firms also initiated positions in Q2, including Dynamic Advisor Solutions at $3.38 million and KERR Financial Planning at $566,000.
Analyst sentiment overall remains positive. The consensus rating is “Moderate Buy” with an average price target of $229. However, Raymond James cut its rating from strong buy to strong sell last Friday, and Seaport Research Partners downgraded from buy to neutral on the same day.
Argus upgraded SpaceX from hold to buy on Aug. 7, setting a $160 price target. Daiwa Securities started coverage in July with a neutral rating and a $175 target.
Norway’s sovereign wealth fund also disclosed a SpaceX stake, adding to the list of institutional investors building positions.
The stock’s 50-day moving average sits at $143.01. Its 52-week range runs from $104.83 to $225.64.
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