Pre-market on Thursday, SPCX rose nearly 5%. One driving factor was Bernstein raising its price target following SpaceX’s first public earnings report. Meanwhile, over $100 billion in previously restricted shares became eligible for trading, quickly sparking heightened market interest in the potential impact on future float.
Tradable shares have significantly increased
After this lock-up period ends, the number of tradable shares of SpaceX will increase significantly, substantially expanding the supply available for trading in the open market. For a stock that has recently gone public, an increase in the float typically weakens the price support previously provided by scarcity, but may also enhance daily trading volume.
Another point of market concern is whether insiders will take advantage of this window to sell their shares. The article notes that this newly unlocked stake exceeds $100 billion, more than doubling the company’s publicly tradable shares, making the short-term supply change a key factor for investors evaluating the stock price.
Bernstein raises its target price
Bernstein maintains its "Outperform" rating on SpaceX and raises its price target from $239 to $248. The firm cited stronger revenue expectations and improved pricing for computing resources as key reasons. According to the report, the new price target represents significant upside potential compared to recent trading levels.
SpaceX's second-quarter revenue was $7.81 billion, a 92% increase year-over-year. Net loss narrowed to $541 million during the same period, indicating improved operational performance despite continued investments in AI infrastructure and expansion initiatives.
Mobile communication layout attracts attention
In addition to its financial reports, SpaceX has recently been advancing its mobile communications business. After securing additional wireless spectrum resources, the company has proposed a hybrid solution that integrates ground-based infrastructure with the Starlink satellite network to support mobile communication services.
This move has elicited varied reactions in the telecommunications industry. Shares related to wireless communications declined following the news, as the market reassesses SpaceX’s long-term competitive position in the sector. Analysts are also divided on the pace of progress and feasibility of implementation of this plan.