SpaceX · Elon Musk · Cursor · CNBC Technology
SpaceX stock rebounds, closing above $135 IPO price for first time in weeks
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Shares of Elon Musk's SpaceX gained 4% on Monday, closing above its $135 IPO price for the first time since July 15.
Key facts
- Shares of Elon Musk's SpaceX gained 4% on Monday, closing above its $135 IPO price for the first time since July 15
- The analysts said that although SpaceX's second-quarter run-rate was $31 billion, they expect the $100 billion target will be driven mainly by contributions from the company's neocloud business
- SpaceX CFO Bret Johnsen also said on the earnings call that the company is on pace to reach $100 billion in annualized recurring revenue by the end of the year, which analysts at Deutsche Bank said
- The shares briefly hit the benchmark in early trading on Monday, marking a rebound from rocky post-IPO trading that has seen the stock swing up and down and close as low as $108.27 days ago
Summary
The shares briefly hit the benchmark in early trading on Monday, marking a rebound from rocky post-IPO trading that has seen the stock swing up and down and close as low as $108.27 days ago. Last week, the rocket maker reported better-than-expected revenue in its first earnings report since the company made its historic debut on the Nasdaq in June. SpaceX CFO Bret Johnsen also said on the earnings call that the company is on pace to reach $100 billion in annualized recurring revenue by the end of the year, which analysts at Deutsche Bank said Monday is "likely achievable. The analysts said that although SpaceX's second-quarter run-rate was $31 billion, they expect the $100 billion target will be driven mainly by contributions from the company's neocloud business and its acquisition of the artificial intelligence coding company Cursor.