The SpaceX stock IPO rebound pushes shares back toward $135 as investor confidence returns following the recent market sell-off.
Shares of Elon Musk’s SpaceX (SPCX) traded erratically on Monday as the stock fluctuated around its $135 initial offering price.
The stock briefly reclaimed its $135 initial offering price during early Monday trading, marking a sharp rebound after a volatile post-IPO stretch that sent shares swinging down to a low of $108.27 just days prior.
In its inaugural earnings report since debuting on the Nasdaq in June, SpaceX beat Wall Street expectations with second-quarter revenue of $7.81 billion, topping analyst projections of $6.93 billion.
On the earnings call, SpaceX CFO Bret Johnsen stated the company remains on track to hit $100 billion in annualized recurring revenue by year-end a target Deutsche Bank analysts described on Monday as “likely very achievable.”
Deutsche Bank noted that while SpaceX’s Q2 run-rate sat at just $31 billion, the company’s ambitious $100 billion target is achievable, driven primarily by growth in its neocloud business and its recent $60 billion acquisition of AI coding platform Cursor.
SpaceX faced a major market test last week as its initial stock lockup expired on Thursday, freeing over 911 million insider shares for trading. Because this unlock exceeds the 639 million shares sold in the company’s initial public offering, analysts cautioned that the sudden influx of supply could drive near-term stock volatility.
In the run-up to SpaceX’s earnings and insider share unlocks, total short interest in the company surged past $24 billion eclipsing Tesla, another Elon Musk venture long targeted by Wall Street short sellers.
Despite post-earnings volatility, analyst sentiment remains predominantly bullish. On Sunday, Citi analysts reaffirmed their Buy rating and raised their 2026 and 2027 forecasts, citing positive momentum carried over from the company’s Q2 earnings beat.
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Citi analysts maintained their $200 price target on SpaceX, noting that while near-term valuation remains anchored there, hitting key Starship milestones will allow them to incrementally scale their price target toward a long-term $900+ valuation model.
While Wolfe Research acknowledged SpaceX’s impressive Q2 earnings beat, the firm advised investors to maintain caution amid near-term headwinds.
While Wolfe Research saw plenty to like in SpaceX’s inaugural earnings report, analysts cautioned investors against confusing ambitious management projections with guaranteed outcomes.
