NEW YORK, August 12, 2026, 11:08 EDT
- Shares in SpaceX gained 4.2% to trade at $138.93 in Wednesday’s opening session.
- The change signified an increase of around $74 billion in market value.
- In the second quarter, Starlink contributed 73% of adjusted EBITDA.
Shares of Space Exploration Technologies Corp. NASDAQ:SPCX gained 4.2% on Wednesday, reaching $138.93 at 11:08 EDT after hitting a high of $141.67. The previous session closed at $133.29.
The increase boosted SpaceX’s equity value by approximately $74 billion, based on Google Finance’s rounded $1.83 trillion market capitalisation and the day’s movement. This figure is around 24% higher than Cursor’s purchase price of $60 billion. The comparison highlights the rapid shift in how investors value SpaceX’s AI potential.
| Market measure | Latest reading | Investor context |
|---|---|---|
| Share price | $138.93 | 2.9% higher than the $135 IPO price |
| Daily change | +4.23% | Roughly $74 billion in added value |
| Intraday range | $134.01-$141.67 | Broad 5.7% movement |
| Volume | 48.07 million | Half the 95.81 million average |
| Market value | $1.83 trillion | Live rounded figure |
The share price is still 38% under its 52-week peak of $225.64. It trades just slightly above the IPO offer price. SpaceX priced the IPO shares at $135 on June 11, with trading starting the following day.
Morgan Stanley NYSE:MS says the market values SpaceX’s AI business at only $12 per share. “The implied valuation for SpaceX’s AI business at the current price is, in our opinion, extremely conservative,” wrote analysts led by Adam Jonas. They set a price target of $300. Investopedia
Jonas anticipates Cursor’s yearly revenue run rate will hit $8 billion by the end of the year. The team estimates $17 billion in 2027 and $33 billion in 2030. These projections are not official company guidance and rely on successful integration and ongoing demand for coding agents.
SpaceX’s most recent filing provides clearer ground for discussions over its valuation. Revenue for the second quarter was almost twice what it was previously. The operating loss showed a significant reduction, and adjusted EBITDA surged to nearly three times its prior level.
| Second-quarter measure | 2026 | 2025 | Change |
|---|---|---|---|
| Revenue | $7.814 billion | $4.071 billion | Up 91.9% |
| Operating loss | $143 million | $970 million | Loss reduced by 85.3% |
| Net loss | $541 million | $1.008 billion | Loss reduced by 46.3% |
| Adjusted EBITDA | $3.538 billion | $1.214 billion | Up 191.4% |
The composition is more important than the headline figure. Connectivity accounted for 55% of revenue and 73% of adjusted EBITDA. AI contributed a third of total sales but recorded an operating loss of $1.26 billion. Starlink continues to drive cash flow.
| Q2 2026 segment | Revenue | Revenue share | Operating income/(loss) | Adjusted EBITDA |
|---|---|---|---|---|
| Space | $962 million | 12.3% | ($542 million) | ($205 million) |
| Connectivity | $4.289 billion | 54.9% | $1.656 billion | $2.597 billion |
| Artificial intelligence | $2.563 billion | 32.8% | ($1.257 billion) | $1.146 billion |
Activity remained steady through the night as SpaceX sent 24 Starlink satellites into orbit from Vandenberg Space Force Base on Tuesday. This marked the company’s 51st launch from the West Coast this year.
According to management, the annualized revenue run rate could hit $100 billion by December, with the present rate slightly exceeding $30 billion. Analysts at Deutsche Bank NYSE:DB describe the goal as reachable, referencing contracted neocloud projects. However, that growth trajectory is still untested.
Overall sentiment on Wall Street stays bullish. According to Google Finance, out of analysts tracked, 24 rate it as Buy, six as Hold, and two as Sell. Price targets range widely, from $75 to $800, highlighting differing expectations.
| Analyst | Firm | Rating | Target | Implied move | Date |
|---|---|---|---|---|---|
| Andrew Beale | Arete Research | Buy | $450 | +223.9% | Aug. 11 |
| Adam Jonas | Morgan Stanley NYSE:MS | Buy | $300 | +115.9% | Aug. 10 |
| Brian Dobson | Clear Street | Buy | $217 | +56.2% | Aug. 11 |
| Alexander Potter | Piper Sandler NYSE:PIPR | Hold | $140 | +0.8% | Aug. 5 |
| Glenn Thum | Phillip Securities | Sell | $75 | -46.0% | July 31 |
A new supply test approaches. Roughly 319 million restricted shares may become available for trading on August 20. Over four billion shares could be unlocked by the end of the year. Potential supply may continue to pressure the market before actual selling occurs.
Risks: SpaceX reported a GAAP loss of $541 million last quarter. AI-related expenditures remain significant, Cursor projections reflect early analyst assessments, and the unlock could trigger increased selling. A drop under $135 would undo the recent gains above the IPO level.
The next step is implementation. Investors require evidence that AI agreements can scale up without reducing Starlink’s position in financing. For now, the stock reflects a significant growth option.
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