NEW YORK, August 8, 2026, 09:06 EDT — U.S. trading has ended for the day.
- SpaceX finished Friday at $133.11, rising 15.9%. The stock advanced 23% during the week.
- Friday’s volume represented 26.6% of the opening unlocked share pool. This figure does not indicate insider sales.
- In the second quarter, AI represented 86% of total capital expenditure. The announcement of the new Terafab initiative marks an additional major investment.
Space Exploration Technologies Corp. NASDAQ:SPCX finished its initial lockup period close to its IPO price. Shares climbed 15.9% on Friday, ending just 1.4% under the $135 offering price.
The surge is significant as 911.5 million shares were available for sale as of Thursday. On Friday, trading volume hit 242.1 million shares, representing 26.6% of those newly eligible shares.
Caution is needed with that comparison. Volume reflects both existing public shares and repeated trades. It does not show insider sales.
Nevertheless, the eligible block represented a notional value near $121.3 billion. The share price increased even with the prospect of additional supply. Investors are now focusing on capital returns.
Space sector proxies gained during Friday’s rally. Shares of Rocket Lab USA NASDAQ:RKLB, Redwire Corp. NYSE:RDW, and AST SpaceMobile NASDAQ:ASTS moved higher.
| Friday market summary | Close | Daily change | Volume |
|---|---|---|---|
| SpaceX | $133.11 | +15.9% | 242.1 million |
| Rocket Lab | $82.83 | +9.5% | 24.2 million |
| Redwire | $13.59 | +14.8% | 33.0 million |
| AST SpaceMobile | $71.94 | +6.9% | 14.4 million |
Friday’s last reported prices are shown in the market data. The companies vary significantly in size and types of business.
SpaceX’s latest quarterly results reveal the reason for the new approach. Connectivity accounted for 55% of revenue and the majority of operating profit. Nearly all additional capital went to AI.
| Q2 2026 segment breakdown | Revenue | Operating income/(loss) | Adjusted EBITDA | Capital outlay |
|---|---|---|---|---|
| Space | $962 million | $(542) million | $(205) million | $1.17 billion |
| Connectivity | $4.29 billion | $1.66 billion | $2.60 billion | $1.37 billion |
| AI | $2.56 billion | $(1.26) billion | $1.15 billion | $15.83 billion |
| Total | $7.81 billion | $(143) million | $3.54 billion | $18.37 billion |
Adjusted EBITDA is not calculated according to GAAP. SpaceX posted a 92% year-over-year increase in revenue along with a net loss of $541 million.
Thomas Monteiro, an analyst at Investing.com, commented that the results indicated “the machine underneath the story actually works.” However, total investment for the quarter was more than five times higher than adjusted EBITDA. Reuters
Spending on AI alone amounted to 4.47 times group adjusted EBITDA, making up 86.2% of overall capital expenditure. SpaceX is taking on a growing role as an AI-infrastructure provider.
The stakes climbed on Thursday, as SpaceX and Tesla Inc. NASDAQ:TSLA revealed a first-phase joint investment totaling $16.8 billion for their Texas Terafab chip facility. Details on the amount each company will provide were not disclosed.
| Capital-scale comparison | Ratio |
|---|---|
| Q2 total capital expenditures / adjusted EBITDA | 5.19 times |
| AI capital investment / total capital expenditures | 86.2% |
| Terafab original plan / Q2 revenue | 2.15 times |
| Terafab original plan / Q2 adjusted EBITDA | 4.75 times |
| Terafab original plan / quarter-end balance of cash and securities | 16.8% |
Terafab ratios are calculated using the total joint investment, rather than any presumed SpaceX share. SpaceX disclosed cash, equivalents, and marketable securities totaling $100 billion.
CEO Elon Musk stated that Terafab will back chips intended “for use on Earth and in space.” The available liquidity creates flexibility, but it does not assure strong returns. Reuters
Most analysts hold a positive outlook. However, their price targets vary widely as they differ on AI economics and the potential impact of future share sales.
| Analyst recommendations | Latest action | Rating | Target | Upside from $133.11 |
|---|---|---|---|---|
| Argus | Upgraded, Aug. 7 | Buy | $160 | 20.2% |
| Bernstein | Raised target, Aug. 6 | Outperform | $248 | 86.3% |
| Deutsche Bank | Lowered target, Aug. 5 | Buy | $235 | 76.5% |
| Morgan Stanley | Reaffirmed | Overweight | $300 | 125.4% |
| Piper Sandler | Reduced target | Neutral | $140 | 5.2% |
The recommendations followed SpaceX’s quarterly update. Projected returns are calculated based on Friday’s closing price.
Friday’s primary spark came from Argus, which raised its rating on SpaceX following management’s forecast of swift returns from recent AI-compute investments. According to MarketScreener, using FactSet data, 35 analysts maintain a Buy rating with an average price target of $231.40.
Next week will feature operational updates, rather than a new earnings announcement. SpaceX has scheduled tentative Starlink launches for August 10 and August 11, which are expected to deploy 29 and 24 satellites, respectively. Launch dates remain subject to adjustment.
A more significant milestone is tentatively planned for late August. Musk stated that Starship Flight 14 might release V3 Starlink satellites and try the first tower catch of an upper stage. The plan still needs regulatory authorization.
Redwire has scheduled a 2028 Starfall flight to carry as many as 32 pharmaceutical research modules. The terms of the deal remain confidential, and Starfall has yet to make its debut flight.
Risks: Additional lockup expirations may increase SpaceX’s tradable float through December. Capital expenditure might stay close to second-quarter figures, and progress on Starship hinges on regulatory approval as well as test success. Delays in AI monetisation, increased insider selling or a failed launch could undo Friday’s gains.
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