SpaceX climbs above $135 IPO price after earnings beat, share unlock
What's new: The stock closed above its June offering price for the first time since July 15, after topping $108 just days earlier.
SpaceX shares rose 4% Monday to finish above their $135 initial public offering price for the first time since July 15, extending a rebound after a volatile stretch following the company’s June Nasdaq debut. The move followed a better-than-expected first earnings report, with second-quarter revenue of $7.81 billion versus analysts’ $6.93 billion estimate. CFO Bret Johnsen said SpaceX is on track to reach $100 billion in annualized recurring revenue by year-end, a target Deutsche Bank called achievable. The rally also came after the first lockup expired Thursday, freeing more than 911 million additional shares for trading and raising expectations of continued volatility.