SpaceX stock surged 14% on Friday after an analyst upgrade, softer U.S. jobs data, and limited insider selling eased pressure on the recently listed company.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n Space Exploration Technologies Corp. traded at $131.06 as of 3:26 p.m. EDT, up $16.14 for the session. The stock opened near $115 before rising above $120 and accelerating toward $131 during afternoon trading.<\/p>\n Friday\u2019s rally followed a 6.1% gain on Thursday, reversing part of the 13.6% decline recorded after SpaceX released its first quarterly results as a public company.<\/p>\n Argus Research helped drive the latest move by upgrading SpaceX<\/a> from Hold to Buy. The firm maintained a $160 price target, implying further upside from the stock\u2019s Thursday close.<\/p>\n Argus pointed to SpaceX\u2019s second-quarter performance despite concerns about its planned spending on artificial intelligence infrastructure. The company reported $7.8 billion in revenue, up 92% from a year earlier and above the roughly $6.8 billion expected by analysts.<\/p>\n SpaceX also recorded $3.5 billion in adjusted earnings before interest, taxes, depreciation and amortization, exceeding Wall Street expectations of about $2.1 billion.<\/p>\n <\/p>\n Relief over SpaceX\u2019s first post-IPO lockup expiration also contributed to the rally.<\/p>\n Up to 911.5 million shares held by employees and early investors became eligible for sale on Thursday. The expiration increased the potential public float from about 4.9% to 11.8%, raising concerns that additional supply would push SPCX lower.<\/p>\n That selling pressure did not immediately appear. SpaceX shares instead gained on Thursday and extended the move on Friday, suggesting the market had already priced in much of the unlock risk.<\/p>\n As such, the absence of large-scale insider selling removed a key overhang for the stock. However, more shares are scheduled to become eligible for trading in later lockup tranches.<\/p>\n Short covering may have amplified the rally. Short interest had risen ahead of the company\u2019s earnings and lockup expiration, leaving bearish traders exposed when the anticipated sell-off failed to occur. The scale of short covering during Friday\u2019s session has not been confirmed.<\/p>\n A softer U.S. labor report<\/a> provided a broader market tailwind.<\/p>\n Nonfarm payrolls fell by 23,000 in July, compared with economist forecasts for an increase of about 86,000. The result reduced concerns that the Federal Reserve would raise interest rates again in the near term.<\/p>\n Lower rate expectations tend to support growth companies because they reduce the discount applied to projected future earnings. SpaceX is particularly sensitive to changes in borrowing costs because of its planned spending on launch systems, Starlink infrastructure and AI computing capacity.<\/p>\n The Nasdaq Composite and semiconductor stocks also advanced during the session, indicating that at least part of the SPCX rally reflected a broader return to technology and growth shares.<\/p>\n\n
SpaceX stock jumps after Argus upgrade<\/h2>\n
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Lockup expiration fails to trigger heavy selling<\/h2>\n
Weak jobs report lifts U.S. growth stocks<\/h2>\n
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