SpaceX stock surges 21% after lockup expiry, Q2 revenue up 92% YoY

Published Aug 11, 02:45 PM UTC

Despite widespread fears that a 911.5 million-share lockup expiration on August 6, 2026 would crash SpaceX (SPCX) stock, shares surged 21% to $138.74 the following week. The rally was fueled by strong Q2 earnings—revenue up 92% YoY to $7.81B, AI segment revenue up 247%, and Starlink subscribers doubling to 12 million—and a bullish research note from Semi Analysis. The firm argued SpaceX could build 10GW of compute by end 2027, implying a path to $300B in annual recurring revenue. Adjusted EBITDA jumped 191% to $3.54B, beating EPS consensus. The stock now carries a $1.76 trillion market cap, though some analysts like Morningstar's Nicolas Owens still consider it significantly overvalued with a $62 fair value estimate.