SpaceX (NASDAQ: SPCX) stock climbed 2% to $149.02 during the afternoon session after Starship successfully carried an operational payload to orbit for the first time.
The company confirmed that Starship released a batch of next-generation Starlink satellites once in orbit, marking the vehicle’s first mission with a working payload.
SpaceX also reported that Starship completed a controlled splashdown after reentry, with recovery teams deployed to collect hardware and flight data.
The same mission saw one engine shut down earlier than planned, cutting the flight short, though SpaceX stated the orbital and deployment goals were still met.
Rocket Lab (NASDAQ: RKLB) fell 3% to $70.21, sliding even as SpaceX stock rallied on the Starship milestone, despite RKLB being up 9% over the past month.
AST SpaceMobile (NASDAQ: ASTS) dropped 3% to $58.95, moving in step with Rocket Lab, while Intuitive Machines (NASDAQ: LUNR) also finished in the red.
The Procure Space ETF (NASDAQ: UFO) declined 1%, signaling that the selling extended well beyond a single SpaceX rival across the broader sector.
By comparison, the SPDR S&P 500 ETF Trust (NYSEARCA: SPY) dipped a comparatively modest 0.38%, leaving SpaceX as the clear standout on the day.
Morgan Stanley kept its Overweight rating and $300 price target on SpaceX, calling the latest Starship flight a major achievement while flagging recurring propulsion system problems.
Morgan Stanley also noted that a successful catch on the next Starship flight could become the largest catalyst for SPCX stock since its listing.
UBS reiterated a Buy rating on SpaceX with a $210 price target, citing potential third-quarter 2026 results that could beat Wall Street expectations on artificial intelligence, Starlink, and launch volume growth.
TD Cowen separately initiated coverage of SpaceX with a Buy rating and a $200 price target, pointing to growth opportunities across artificial intelligence and space markets.
SPCX stock is also up 5% over the past month, meaning the session’s 2% gain extends a rally that was already building before this milestone flight.
The spread between Morgan Stanley’s $300 target and TD Cowen’s $200 target shows the three brokerages disagree on what this first operational payload mission is worth to shareholders.
AST SpaceMobile builds a space-based cellular broadband network for mobile phones, a market where additional Starlink capacity in orbit could intensify competitive pressure going forward.
The next Starship flight remains the key event Morgan Stanley singles out, as a successful vehicle catch could go a long way toward resolving the recurring propulsion concerns.
Investors watching RKLB and ASTS should evaluate whether these pullbacks hold once the immediate Starship headlines fade from the news cycle.
SpaceX has cleared the milestone of hauling a real working payload to orbit, but the engine shutdown keeps the reliability question open until Starship flies and performs again.
