SpaceX (SPCX) shares closed up 15.83% at $133.11 on Friday, driven by a combination of strong earnings, easing lockup concerns, and a Terafab update.
The broader market also climbed, with the S&P 500 (^GSPC) rising 0.59% to 7,756 and the Nasdaq Composite (^IXIC) gaining 1.28% to 26,686.
Trading volume in SPCX reached 236.7 million shares, approximately 91% above its three-month average of 124.0 million shares.
Space Exploration Technologies, better known as SpaceX, posted second-quarter revenue of $7.81 billion, a stunning 92% year-over-year increase that easily topped analyst expectations of $6.93 billion.
The company swung from a net loss of $1 billion in the prior-year period to a profit of $541 million, or $0.09 per share, well ahead of the consensus estimate for a $0.26 loss.
Starlink, SpaceX’s satellite internet service, was a clear standout in the quarter, with Connectivity segment revenue climbing 66% and operating income surging 79%.
Despite the blowout results, the stock initially fell after the report dropped on August 4, though shares have since recovered a significant portion of those losses.
SpaceX IPO’d in 2026 and remains down roughly 17% since going public, though Friday’s rally helped narrow that gap considerably.
CEO Elon Musk is targeting $100 billion in total annualized revenue run rate by December 2026 and pulled forward his projection for reaching $1 trillion in revenue to 2030, noting a “non-zero chance” of hitting that milestone as early as 2029.
The company continues to invest heavily in megaprojects including Starship, expansion of its Starlink satellite constellation, and the exploration of orbital data centers built and operated from space.
Following the new revenue figures, SpaceX now trades at a price-to-sales ratio of 63, a meaningful reduction from where the multiple stood before the quarterly report.
Peers in the launch services and satellite communications space also rallied, with Rocket Lab (RKLB) closing up 9.46% at $82.83 and AST SpaceMobile (ASTS) gaining 6.80% to close at $71.94.
