Space Exploration Technologies Corp. Class A Common StockSPCX
Mentioned
Impact on stocks 1
Space Economy
Space Exploration Technologies Corp. Class A Common StockSpaceX shares surge 15% as stock rebounds from record low
Price Action
SpaceX shares jumped 15.83% on Friday, extending a sharp recovery that brought the weekly gain to 22.8% after the stock had plunged to an all-time closing low of $108.27 on Wednesday. The selloff was triggered by disappointing quarterly results and concerns over AI spending, compounded by the expiration of the first post-IPO lock-up period covering 911.5 million shares, which represented roughly 43% more shares than the 638.9 million sold in the June IPO. Despite fears of a wave of selling, the lock-up expiry on Thursday did not trigger the anticipated selloff, and buyers stepped in near the $105 level, fueling the two-session rebound. Analysts currently have an average price target of $231.40, implying potential upside of approximately 73.84%, though the company recorded a GAAP net loss for the latest quarter and its valuation remains highly speculative, dependent on future expansion of Starlink, AI initiatives, and the Starship programme.