Stock Market Today, Aug. 7: Space Exploration Technologies Surges on Q2 Revenue Beat, Lockup Relief, and Terafab Update
Space Exploration Technologies (NASDAQ:SPCX), a rocket launch, spacecraft manufacturing, and satellite broadband services provider, closed at $133.11, up 15.83%. The stock rose after lockup fears eased, analysts turned more positive, and the company provided an update on its joint Terafab plans with Tesla. Trading volume reached 236.7M shares, coming in about 91% above its three-month average of 124.0M shares. Space Exploration Technologies IPO'd in 2026 and has fallen 17% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) rose 0.59% to 7,756, while the Nasdaq Composite (NASDAQINDEX:^IXIC) gained 1.28% to 26,686. Among aerospace and defense, launch services, and satellite communications peers, Rocket Lab (NASDAQ:RKLB) closed at $82.83, up 9.46%, and AST SpaceMobile (NASDAQ:ASTS) closed at $71.94, up 6.80%, as launch and satellite-growth names stayed in focus.
What this means for investors
Much like yesterday, it’s hard to pinpoint exactly what is sending SpaceX shares rocketing higher today, but it is likely a blend of:
- time to digest the company’s solid, first-ever earnings report
- reduced fears from SpaceX’s first lockup expiration
- potential short-covering from nothing negative happening on lockup expiration day
- an outline showing the $16.8 billion first phase of a Terafab semiconductor complex in Texas
- news that SPCX’s $60 billion deal for AI coding upstart Cursor could close as early as next week
Tons of moving parts to monitor for a company that has seemingly endless growth optionality, so this can be a bit overwhelming. That said, I’m happy to have a small position in the company and will likely make small purchases over time, but am not in a rush to do so -- exactly due to the volatility we have seen this week.
While I’m encouraged to see the stock’s resilience this week, it nonetheless reinforces the notion that we need to focus on SpaceX’s actual operations more than the circus going on around it, more than ever, if possible.
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Josh Kohn-Lindquist has positions in Rocket Lab, Space Exploration Technologies, and Tesla. The Motley Fool has positions in and recommends AST SpaceMobile, Rocket Lab, and Tesla. The Motley Fool has a disclosure policy.
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