SpaceX stock rebounds to near $135 IPO price

Shares of Elon Musk‘s SpaceX rose on Monday, bringing the stock back around its $135 IPO price.

The shares briefly hit the benchmark in early trading on Monday, marking a rebound from rocky post-IPO trading that has seen the stock swing up and down and close as low as $108.27 just days ago.

Last week, the rocket maker reported better-than-expected revenue in its first earnings report since the company made its historic debut on the Nasdaq in June. SpaceX said it generated $7.81 billion in revenue during its second quarter, up from the $6.93 billion expected by analysts.

SpaceX CFO Bret Johnsen also said on the earnings call that the company is on pace to reach $100 billion in annualized recurring revenue by the end of the year, which analysts at Deutsche Bank said Monday is “likely very achievable.”

The analysts said that although SpaceX’s second-quarter run-rate was just $31 billion, they expect the $100 billion target will be driven mainly by contributions from the company’s neocloud business and its acquisition of the artificial intelligence coding company Cursor.

SpaceX also faced a major test last week after its first stock lockup period expired on Thursday, turning more than 911 million shares into liquid stock for early investors. That batch represents more than the 639 million shares that were sold in the company’s IPO, and some analysts warned that it could cause more near-term volatility.

Ahead of SpaceX’s earnings and the share unlocks, notional short interest in SpaceX surpassed Musk’s automaker Tesla, one of Wall Street’s favorite targets for short sellers.

But following the company’s second-quarter report, many analysts remain bullish.

Citi analysts said Sunday that they revised their 2026 and 2027 forecasts higher “as a result of rolling forward sources of the 2Q26 beat.” The analysts reiterated the company as a buy.

“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,” they wrote in a Sunday note.

Analysts at Wolfe Research said that while SpaceX showed “big beats” during the second quarter, investors should still exercise some caution.

“There was a lot to like in SpaceX’s first earnings report but as always we would advise not misunderstanding aspirations of mgmt from most likely outcomes,” the analysts wrote Sunday.