SpaceX Stock Surges 16% on Upgrade and Strong Earnings
SpaceX (SPCX) shares jumped 15.8% to $133.11 after Argus upgraded the stock from hold to buy, setting a $160 price target. The rally followed a tough stretch where the stock had hovered around $110 since late July and hit a new low just before earnings.
Q2 revenue reached $7.81 billion, up 91.9% year over year, with a smaller-than-expected loss of $0.09 per share versus the consensus estimate of a $0.26 loss. AI cloud contracts totaled up to $20.8 billion, including a $6.7 billion deal, while AI revenue tripled to $2.56 billion.
Options market activity suggests sophisticated investors see a bottom, with put selling and call buying intensifying. The first insider lock-up expiration passed with less selling pressure than anticipated, though further unlocks through December remain a risk.
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