Shares of Elon Musk’s SpaceX (SPCX) briefly touched their $135 IPO price on Monday, staging a sharp rebound from recent lows. The stock hit $135 in early trading before pulling back slightly, but the move marked its highest level in about a month. Just days earlier, SpaceX had closed as low as $108.27, ending a four-week losing streak with a 16% surge on Friday. The catalyst was the expiration of a major lock-up period, which made roughly 911 million restricted insider shares eligible for sale. Contrary to widespread fears of heavy selling pressure, the stock rallied, suggesting that institutional demand absorbed the new supply. The public float expanded to over 1.5 billion shares, improving liquidity and providing larger positions for big investors.
SpaceX’s rebound was further supported by its first quarterly earnings report as a public company. Revenue came in at $7.81 billion for the second quarter, easily beating the $6.93 billion analyst consensus. CFO Bret Johnsen stated that the company is on track to reach $100 billion in annualized recurring revenue by year-end, a target Deutsche Bank analysts called “likely very achievable.” The bullish case hinges on the neocloud business and the recent acquisition of AI coding firm Cursor. Citi analysts lifted their 2026 and 2027 forecasts and reiterated a Buy rating with a $200 price target, linking future valuation upgrades to successful Starship milestones.
Meanwhile, Virgin Galactic (SPCE) has rallied 18% over the past week, trading near $3.10 ahead of its August 12 earnings report. Options markets are pricing in a 14.84% swing, nearly double the stock’s average one-day post-earnings move of 8.7%. The implied range stretches from $2.64 to $3.56. Cash burn remains the key risk: the company ended Q1 with $251 million and expects $87–92 million in free cash outflow for Q2. Investors will scrutinize any update on the Delta-class spacecraft program, with test flights targeted for Q3 2026 and commercial debut in Q4 2026. A cadence of 4–8 flights per month is planned for 2027. Analysts hold a Moderate Buy consensus with an average price target of $4.00, implying roughly 29% upside.
