Space Exploration Technologies (NASDAQ: SPCX) closed at $133.11 on August 7, surging 15.83% as investors reacted to a blowout earnings report, easing lockup concerns, and a major semiconductor facility update.
Trading volume hit 236.7 million shares, approximately 91% above the stock’s three-month average of 124.0 million shares, signaling unusually intense investor interest.
The broader market also finished higher, with the S&P 500 rising 0.59% to 7,756 and the Nasdaq Composite gaining 1.28% to close at 26,686.
SPCX’s gains lifted peers across the launch and satellite sector, with Rocket Lab (NASDAQ: RKLB) climbing 9.46% to $82.83 and AST SpaceMobile (NASDAQ: ASTS) rising 6.80% to $71.94.
SpaceX posted second-quarter revenue of $7.81 billion, a 92% year-over-year increase that significantly exceeded analyst expectations of $6.93 billion.
The company swung from a net loss of $1 billion in the prior-year period to a profit of $541 million, or $0.09 per share, comfortably beating the consensus estimate for a $0.26 loss per share.
Starlink’s performance was a clear standout, with Connectivity segment revenue climbing 66% year-over-year and operating income surging 79% in the quarter.
CEO Elon Musk is targeting a $100 billion annualized revenue run rate by December 2026 and pulled forward his projection for reaching $1 trillion in revenue to 2030, citing a “non-zero chance” of hitting that milestone as early as 2029.
The stock’s rally also reflected relief following SpaceX’s first lockup expiration, with no adverse selling pressure materializing and potential short-covering adding further upward momentum to the session.
SpaceX outlined the $16.8 billion first phase of Terafab, a massive AI chip manufacturing complex planned for East Texas alongside partners Tesla and Intel, with a full buildout potentially reaching $119 billion according to public hearing notices filed in Grimes County, Texas.
Further adding to investor optimism, SpaceX’s $60 billion acquisition of AI coding startup Cursor is expected to close as early as next week, with Musk saying on the earnings call, “We’re trying to get the acquisition closed as quickly as possible.”
The company continues to invest aggressively in megaprojects including Starship development, expansion of its Starlink satellite constellation, and the exploration of orbital data centers built and operated from space.
Despite the stock’s strong performance this week, SPCX has still fallen approximately 17% since its 2026 IPO, underscoring the volatility that has characterized the stock since it began trading publicly.
