SpaceX Stock Climbs Nearly 7% After Starlink Launch as Shares Hold Above IPO Price

NEW YORK — Shares of Space Exploration Technologies Corp. rose 6.92% to $142.52 in midday trading Wednesday, gaining $9.23, as the company completed another successful Starlink satellite launch and investors continued to digest its recent recovery above the initial public offering price.

The Nasdaq-listed stock, trading under the ticker SPCX, has shown volatility since its June debut. SpaceX priced its initial public offering at $135 per share on June 12, raising approximately $75 billion to $85.7 billion in what ranked as the largest IPO in history and valuing the company near $1.8 trillion on a fully diluted basis. Shares opened higher, climbed as high as $225.64 in the following days, then declined sharply in subsequent weeks, touching an intraday low near $104.83 in early August before rebounding.

The latest advance comes after SpaceX launched 24 Starlink broadband satellites from Vandenberg Space Force Base in California. The company has maintained a rapid launch cadence to expand its constellation. Starlink has been a primary growth driver, with the service reaching millions of subscribers across more than 160 countries.

SpaceX reported second-quarter results showing revenue of $7.81 billion, up 92% from the prior year and ahead of analyst expectations. The company narrowed its net loss and posted adjusted EBITDA of about $3.5 billion. Launch services and Starlink contributed to the top-line growth, while investments in artificial intelligence infrastructure and related projects weighed on near-term profitability. The company ended the period with substantial cash reserves and a sizable backlog.

Investors have focused on the balance between rapid expansion and capital spending. SpaceX has outlined significant outlays for AI compute capacity and other initiatives, including a joint investment with Tesla in a large semiconductor facility in Texas known as Terafab. The project is expected to create thousands of jobs and support growing demand for computing power.

Share lockup expirations have been a key near-term factor. A major tranche of restricted shares became eligible for trading in early August without triggering the heavy selling some market participants had anticipated. The stock rebounded in subsequent sessions, reclaiming levels above the $135 IPO price. Another unlock is scheduled for August 20, which is expected to release roughly 320 million additional shares and increase the tradable float.

Analysts have offered mixed but increasingly constructive views following the earnings report and the relatively orderly first unlock. Some firms upgraded the stock, citing Starlink’s recurring revenue potential, the launch business, and longer-term opportunities in AI and satellite services. Others have highlighted valuation and the impact of elevated spending as reasons for caution.

SpaceX, founded by Elon Musk, remains one of the most closely watched companies in the aerospace and technology sectors. Its Falcon 9 rockets have become a workhorse for commercial and government missions, while Starship development continues with the goal of enabling more ambitious deep-space capabilities. The public listing has given broader investors direct access after years in which the company remained private and raised capital through successive funding rounds at rising valuations.

Trading volumes have been elevated at times since the IPO as the float expands and institutional and retail participation grows. The stock joined major indexes in the weeks following its debut, further increasing visibility. Market capitalization has fluctuated with the share price, remaining among the largest of any U.S.-listed company during periods of strength.

Wednesday’s gains occurred against a backdrop of ongoing operational activity. SpaceX continues regular Starlink deployments and has maintained its position as a leading provider of launch services. The company has reported progress on constellation density and service reliability, supporting subscriber growth.

Looking ahead, investors will monitor the August 20 share unlock for any signs of selling pressure, updates on Starlink metrics, progress on AI-related projects, and the next set of financial results. Capital expenditure levels and the pace at which new investments translate into revenue remain central to the debate over the stock’s valuation.

SpaceX has described its strategy as focused on reducing the cost of access to space while building recurring revenue streams through connectivity and related services. The combination of successful launches, improving financial metrics in the second quarter, and a less severe reaction to the initial lockup expiration has supported the recent recovery in the share price.

As of midday Wednesday, the stock’s advance brought it further above the IPO level while remaining well below the post-debut peak. Market participants continue to weigh the company’s growth trajectory against the dilutive effects of unlocking shares and the capital intensity of its expansion plans.