SpaceX (SPCX) Stock Jumps 16% After Analyst Upgrade and Strong Earnings

TLDR

• SpaceX stock rose 15.8% to $133.11 after Argus upgraded the stock from “hold” to “buy” with a $160 price target
• Q2 revenue hit $7.81 billion, up 91.9% year over year, with a loss of $0.09 per share beating the expected $0.26 loss
• AI cloud contracts totaled up to $20.8 billion, including a $6.7 billion deal, with AI revenue tripling to $2.56 billion
• Options traders are selling puts and buying calls, suggesting sophisticated money thinks the stock may be bottoming
• The first insider lock-up expiration passed with less selling pressure than expected, though further unlocks through December remain

SpaceX (SPCX) jumped 15.8% on Friday, trading as high as $133.48 before settling at $133.11, after Argus upgraded the stock from “hold” to “buy” and set a $160 price target. Volume came in roughly 110% above average, with around 237 million units changing hands.

Space Exploration Technologies Corp., SPCX

The move follows a rough stretch for the stock. SPCX made a new low on Monday before earnings, and has largely traded around $110 since late July. Friday’s pop snapped that pattern.

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