SpaceX stock rebounds to near $135 IPO price

SpaceX Shares Rebound to IPO Price Amidst Strong Earnings and Strategic Acquisitions

Shares of Elon Musk‘s SpaceX experienced a significant uptick on Monday, bringing the stock back to its initial public offering (IPO) price of $135. This marks a crucial turnaround for the aerospace company, which has seen considerable volatility since its historic Nasdaq debut in June, with shares dipping as low as $108.27 just days prior.

The resurgence follows SpaceX’s first post-IPO earnings report last week, which revealed stronger-than-expected revenue. The company reported an impressive $7.81 billion in revenue for its second quarter, comfortably surpassing analyst expectations of $6.93 billion. This robust financial performance has provided a much-needed boost to investor confidence.

Further fueling optimism, SpaceX CFO Bret Johnsen indicated on the earnings call that the company is on track to achieve an ambitious $100 billion in annualized recurring revenue by the end of the year. Analysts at Deutsche Bank, in a Monday note, deemed this target “likely very achievable.” While the company’s second-quarter run-rate stood at $31 billion, the analysts anticipate the substantial leap to $100 billion will be primarily driven by contributions from SpaceX’s burgeoning neocloud business and its strategic acquisition of the artificial intelligence coding company, Cursor.

Navigating Post-Lockup Volatility and Bullish Analyst Sentiment

The past week also presented a significant test for SpaceX as its first stock lockup period expired on Thursday. This event released over 911 million shares into the market, making them liquid for early investors. This substantial batch of shares, which exceeds the 639 million shares sold in the initial IPO, had raised concerns among some analysts regarding potential near-term volatility.

Adding to the pre-earnings and lockup expiration tension, notional short interest in SpaceX had surpassed that of Musk’s other venture, Tesla, a frequent target for short sellers on Wall Street. However, the company’s strong second-quarter report has largely assuaged these concerns, with many analysts reiterating their bullish outlook.

Citi analysts, for instance, revised their 2026 and 2027 forecasts higher on Sunday, attributing the adjustment to the “rolling forward sources of the 2Q26 beat.” They maintained a “buy” rating for SpaceX, stating, “Given the dependency of out-year forecasts/valuation on successful Starship milestones, we leave our PT unchanged at $200 and plan to adjust our target ratably toward the $900+ long term valuation level we outlined in our initiation as major milestones are hit.”

While acknowledging the “big beats” in SpaceX’s first earnings report, analysts at Wolfe Research offered a note of caution. In their Sunday analysis, they advised investors “not misunderstanding aspirations of mgmt from most likely outcomes,” suggesting a balanced approach despite the recent positive news.