SpaceX Shares Hit $145 Following Strong Second-Quarter Results

Space Exploration Technologies Corp. shares climbed to $145 per share, recovering from a low of $104 and surpassing the initial public offering price of $135. The rebound follows the August 6 lockup expiration date, where a lack of significant insider selling signaled internal confidence to the market.

The company reported strong second-quarter financial results, with revenue increasing 92 percent year-over-year to $7.8 billion. Net losses narrowed to $541 million, down from $1 billion during the same period the previous year.

CEO Elon Musk projects annual revenue could reach $1 trillion by 2030. While Wall Street analysts maintain an average price target of $235.69, some warn that the current valuation is excessive. These critics point to a high price-to-sales ratio of 64 and operational risks linked to the ongoing testing of the Starship reusable rocket.