SpaceX Stock Volatile as Starlink and xAI Grow

Space Exploration Technologies Corp. is experiencing significant stock volatility following its June 12 initial public offering. After reaching a peak of $211.39, the share price declined due to macro headwinds and high valuations, though it recently climbed 35% from an August low to trade at $145.

The company reports strong operational growth, with its Starlink division reaching 12 million subscriptions and deploying over 11,000 satellites. To accelerate Starlink's direct-to-cell evolution, the company acquired 800 MHz spectrum from Grain Management, LLC. Additionally, the xAI business saw year-over-year revenue increase 247% and secured multiyear contracts with Alphabet Inc. and Anthropic.

Despite these gains, SpaceX remains unprofitable overall. Operating profits from Starlink were erased during the first half of 2026 by losses in the AI and space segments. Investors remain cautious as the company maintains a high price-to-sales ratio relative to the S&P 500 average and faces an upcoming lockup period ending in December.