NEW YORK, September 3, 2026, 10:21 EDT
- SpaceX shares rose 5.6% to $148.61 as of 10:21 EDT.
- The company’s market capitalization of $1.96 trillion is 62.6 times its annualized revenue for the second quarter.
- Capital expenditure in the first half totaled $28.48 billion, compared with revenue of $12.51 billion.
Shares of Space Exploration Technologies Corp. NASDAQ:SPCX rose 5.6% to $148.61 as of 10:21 EDT, increasing its market capitalisation to approximately $1.96 trillion Yahoo Finance.
The figure represents 62.6 times the annualized revenue from the second quarter. This ratio offers limited flexibility for lower growth or increased financing expenses.
The premium is driven more by SpaceX’s broader platform than its launch services. Connectivity accounted for 55% of quarterly revenue and generated $1.66 billion in operating profit.
SpaceX rises after the opening bell
Nasdaq price in U.S. dollars; previous close $140.71
As of . Source: Yahoo Finance; one-minute observations sampled for display.
The stock began trading at $141.36 and rose sharply. By the stated time, trading volume had reached 34.1 million shares.
On Thursday, the price was 10.1% higher than the $135 offer price, yet still 34.1% lower than the $225.64 high reached after listing.
The action continued an August rebound following pressure from lockup expirations. SpaceX rose 32% from its low in that month Benzinga.
In June, SpaceX sold 638.9 million shares, raising approximately $85.7 billion before fees, according to a company release.
Revenue for the second quarter increased by 91.9% to $7.81 billion. The operating loss was reduced to $143 million from $970 million SEC filing.
Connectivity carries the quarterly profit bridge
Second-quarter 2026 revenue and operating result, U.S. dollars
Quarter ended June 30, 2026. Source: SpaceX Form 10-Q.
Connectivity revenue increased by 65.8%, reaching $4.29 billion. The number of subscribers doubled, although average revenue per user declined by 22.4%.
The trade-off is significant. Expanding internationally increased user numbers, yet resulted in lower-priced service plans.
AI revenue rose by 247.5% to reach $2.56 billion. However, the segment incurred $2.18 billion in research and development expenses.
Capital requirements increased at an even faster pace. Spending in the first half amounted to $28.48 billion, compared with $6.97 billion during the same period last year.
Capital spending outruns first-half revenue
Six months ended June 30, U.S. dollars in billions
Source: SpaceX Form 10-Q. Ratios calculated from reported figures.
Expenditure amounted to 2.28 times first-half revenue, compared with a ratio of 0.86 times in the previous year.
Following the IPO, liquidity is strong. Cash and equivalents totaled $93.52 billion as of June 30, rising from $24.75 billion.
Morgan Stanley analyst Adam Jonas described the initial lockup expiration as an “opportunity for others to get into the stock cheaply.” Morgan Stanley was among the banks involved in underwriting the IPO Associated Press.
Risks: SpaceX is dealing with significant expenditures, possible increased insider selling, and operational challenges. The AI division is also posting a substantial operating loss.
Connectivity profit offers a short-term offset for investors. The share price reflects expectations that the engine will finance significantly bigger wagers.
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