Key Takeaways
- FCC documentation submitted by SpaceX indicates Starship test flight 14 could launch on September 15.
- Documents mention an “orbital second stage,” hinting at the vehicle’s first attempt to achieve orbital insertion.
- SPCX shares opened Thursday at $140.71, representing a 1.1% decline and a market capitalization of $1.84 trillion.
- Second-quarter revenue reached $7.81 billion, marking a 91.9% increase compared to the same period last year.
- Wall Street analysts maintain a “Moderate Buy” consensus with an average price target of $221.20.
Shares of SpaceX began trading Thursday at $140.71, reflecting a 1.1% decrease from the previous session. The stock remains marginally above its June initial public offering price of $135, while the company maintains a market capitalization of $1.84 trillion.
Space Exploration Technologies Corp., SPCX
Recent attention has focused on newly submitted Federal Communications Commission documentation concerning Starship test flight 14. The paperwork indicates operations could begin September 15 and includes language describing an “orbital second stage,” suggesting the company may attempt its first orbital insertion maneuver with Starship’s upper-stage vehicle.
The previous test flight, designated as test 13, took place in late July and achieved multiple objectives, including the successful deployment of 20 Starlink V3 satellites into orbit.
SpaceX’s Starlink internet service has expanded to more than 12 million paying subscribers globally. During the latest reporting period, the connectivity division delivered approximately $1.66 billion in operating profit.
The company disclosed quarterly revenue totaling $7.81 billion, representing a 91.9% year-over-year increase. SpaceX recorded an adjusted loss of $0.09 per share, outperforming analyst expectations of a $0.26 loss by $0.17.
Institutional Ownership Expands
Carter Financial Group established a new stake in SpaceX throughout the second quarter, acquiring 7,809 shares worth roughly $1.33 million. Additional smaller investment firms, including Atwood & Palmer, Marquette Asset Management, and Orion Capital Management, similarly initiated positions.
SpaceX shares have traded within a 52-week band of $104.83 to $225.64, with the 50-day moving average currently positioned at $136.33.
Regarding analyst coverage, Cantor Fitzgerald maintains an “overweight” recommendation with a $246 price objective. Deutsche Bank carries a “buy” rating alongside a $255 target. Arete Research has established the Street’s most optimistic projection at $450. The consensus recommendation stands at “Moderate Buy” with an average price objective of $221.20.
Oppenheimer recently elevated its price target to $280, attributing the increase to accelerated AI adoption and infrastructure expansion. Bernstein established a $248 objective and projects AI-related revenue could grow nearly fivefold by 2027.
Operational Challenges Remain
The company faces ongoing challenges. Reports indicate SpaceX restructured its data-center management team following reliability problems at Tennessee and Mississippi facilities. A critical September 30 deadline approaches for Google’s purported $920 million monthly computing contract.
SpaceX’s artificial intelligence division reportedly consumed the majority of quarterly capital expenditures. The company’s current valuation provides limited room for execution missteps.
Continued reliance on founder Elon Musk represents a persistent governance concern among certain institutional investors.
More encouraging developments include reports that Google and Anthropic have approached SpaceX seeking AI computing resources as terrestrial electricity supply and data-center capacity face constraints.
The Department of Defense’s approval of Starshield AI’s Grok system for government applications strengthens SpaceX’s position in defense contracting and orbital computing markets.
SpaceX targets late 2026 for carrying commercial payloads aboard Starship vehicles. Analysts project a full-year loss of $0.15 per share for the current fiscal year.
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