At $114.53, SpaceX (NASDAQ:SPCX | SPCX Price Prediction) looks vulnerable to further downside. The recent bounce off lows looks like a classic bull trap rather than a durable bottom. The stock staged a 5.68% single-session rally off roughly $108, giving bulls reason to declare the worst over. The supply and sentiment backdrop suggests otherwise.
SpaceX dominates orbital access, responsible for more than 80% of the world’s mass to orbit annually since 2023, alongside the roughly 9,600-satellite Starlink network and newly folded-in xAI unit. The June 2026 IPO priced the company at $1.75 trillion valuation, and shares have fallen 28.84% since the June 12 debut.
Why the $114 Bounce Has Bulls Excited The bull case starts with sell-side conviction. The consensus analyst price target sits at $236.71, implying 106.68% upside, with 7 Buy, 3 Hold, and 1 Sell ratings. Bulls argue the post-IPO drawdown created an entry point into a business dominating its launch category, scaling Starlink across 164 countries, and now housing Grok and xAI as a fourth growth pillar.
Near-term price markets echo that optimism. Polymarket puts a 65% probability on shares touching $115 this week, and composite sentiment recently ticked to neutral 45.34. A clean quarterly report could trigger a squeeze off the deeply shorted float.
The Supply Overhang Bears Keep Circling Bears point to a structural problem no chart pattern fixes. A first major lockup unlock is reportedly larger than the entire IPO float, and roughly one-third of tradable shares are already sold short. An inverse product, SPCQ, exists specifically to make -200% daily leveraged bearish bets on SPCX.
Options positioning corroborates caution. Longer-dated expiries show put/call ratios of 4.11 in November and 3.31 in February 2027. Prediction markets assign only a 34.5% probability to an earnings beat, and monthly Reddit sentiment sits at a bearish 36.
The Argument for Sitting on Hands The Hold case is real. SpaceX’s operating story is genuinely differentiated, and a 99% Falcon mission success rate alongside a fast-growing Starlink base is not an easy short. Cash burn and unlock timing argue against chasing rallies, but the analyst target gap and index inclusion argue against pressing shorts. Watching one full quarter of results and unlock digestion could be defensible.
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What the Price Action and Targets Say The stock trades at $114.53, down 29.3% over the last month against a broadly positive S&P 500 tape over the same window. The $236.71 consensus target from 11 analysts implies 106.68% upside, but targets are one data point among many.
Analyst ratings break down as:
Buy: 7 Hold: 3 Sell: 1 The 30-day composite has fallen 10.04 points, and quarterly Reddit sentiment has slid from 55.5 to 36.
Why the Bounce Is a Trap At $114.53, SpaceX is a Sell. The path to lower prices is mechanical. A lockup unlock larger than the IPO float is landing into a tape where a third of the float is already short and put/call ratios are climbing into late-year expiries. That is a supply problem no amount of Grok excitement solves near term.
Polymarket assigns a $100 printing in August and only a 57.5% probability to a close above $110 by month-end. Traders expect further downside more than recovery.
The thesis would be invalidated by a clean earnings beat, orderly unlock absorption, and a durable move back above the $135 IPO price. Absent that, the 5.68% one-day pop is the reflex bounce that separates patient bears from impatient ones. The right move at $114 is respecting the supply on the tape rather than positioning for a recovery that the options market, prediction markets, and short interest all doubt.
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Alex Roy says investors need to pay attention to free cash flow and see if operating cash flow improvements reveal themselves in SpaceX (SPCX) earnings. The Elon Musk company releases its first earnings report as a publicly traded company after Tuesday's close.
Bret Johnsen (C), SpaceX Chief Financial Officer, and Gwynne Shotwell (center R), SpaceX President and Chief Operating Officer, celebrate as they ring the opening bell at the Nasdaq MarketSite to celebrate the launch of SpaceX's initial public offering (IPO) in New York on June 12, 2026. Elon Musk's SpaceX begins trading on the Nasdaq exchange on Friday with the biggest initial public offering in history expected to make the polarizing entrepreneur the world's first trillionaire. The company priced more than 555 million shares at $135 each in a filing with the US markets regulator on Thursday, placing SpaceX in the top 10 of Wall Street's biggest companies with a valuation of just under $1.8 trillion — ahead of Tesla, Facebook-owner Meta and Walmart. (Photo by TIMOTHY A. CLARY / AFP via Getty Images)
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SpaceX shares face a test that may tell investors more than the company’s first quarterly report. Up to 911.5 million shares held by employees and early investors will become eligible for sale on Thursday, Aug. 6, adding to the potential supply of a stock whose early valuation was established with less than 5% of the company available for public trading.
Who is allowed to sell changes on Thursday.
The shares already exist, so this is not dilution. It is when some of the people who helped build and finance SpaceX gain access to liquidity after years of holding an asset they could not readily trade. The increase in available shares for sale creates a very different market from the one investors have seen since the IPO.
SpaceX went public with an unusually small float. Buyers were not valuing the entire company in a deep, liquid market. They were competing for a fraction of it.
The end of the lock-up period on Thursday starts to remove that scarcity.
The SpaceX Effect Faces Its First Real TestI wrote last month about the SpaceX effect after Blue Origin reportedly sought a valuation of $130 billion. The argument was not that Blue Origin had suddenly matched SpaceX operationally. It was that SpaceX had become so dominant, and direct investment opportunities in the sector remained so limited, that capital was beginning to value the nearest available alternatives more aggressively.
Scarcity was influencing the value of SpaceX’s competitors before SpaceX itself had even developed a normal public market.
SpaceX deserved to go public at a premium. It owns assets that would be exceptionally difficult to replicate, it has built a commanding launch position, and the company operates Starlink at a scale no competitor has matched. The mistake is assuming that a premium has no limit simply because the company is exceptional.
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That was the point of my later comparison with Uber’s IPO. SpaceX and Uber are very different businesses, but the investment lesson is familiar. A company can transform an industry, attract overwhelming demand and still disappoint public shareholders who paid a price that left no room for friction, delay and changing market conditions.
Uber was not a poor company because its shares struggled after the IPO. The security had simply been sold into a market that was initially more enthusiastic than disciplined.
SpaceX stock was priced at $135 and later reached a closing high of $201.80. By Tuesday, Aug. 4, it had fallen to $114.53, a decline of roughly 43% from that peak and about 15% below the IPO price.
The business has not deteriorated by 43% in a matter of weeks. The conditions under which investors are prepared to own it have changed.
SpaceX Share Price Since IPO
Barchart
A Thin Float Cuts Both WaysSpaceX’s IPO put approximately 639 million shares into public hands. The 911.5 million shares eligible on Aug. 6 are roughly 140% of that original pool. Were they all treated as potentially available, tradable supply would rise to about 1.55 billion shares.
Many employees will retain their positions. Some early investors will continue to believe that SpaceX’s long-term value is well above its current market capitalization.
Others may have no interest in selling below the IPO price. Still, markets are priced at the margin. It does not require 911.5 million shares to be sold for the lock-up to matter. A relatively small portion reaching the market could be meaningful when compared with the stock’s existing float and normal daily trading volume.
The question is not simply how many shares can be sold. It is who owns them and why they might decide now is the right time to sell. SpaceX employees may have spent years receiving part of their compensation in company stock. For some, it could represent most of their net worth. Selling a portion would be sensible diversification, not an admission that the business is in trouble.
Venture funds operate under their own constraints. They raise money for defined periods and are eventually expected to return capital to their investors. An early backer may remain bullish on SpaceX while also deciding that an IPO is the natural point to distribute cash or shares. The market will not ask why they sold. It will only have to absorb the shares.
This is why ownership structure often matters more in the short term than another adjustment to a discounted cash flow model. Valuation tells us what investors believe the business could be worth. Ownership tells us who has the patience and financial ability to wait for that value to emerge.
Short Sellers Have Crowded Into The TradeThere is another side to the setup. Short sellers have built one of the largest bearish positions in the market. S3 Partners estimated that 219.3 million SpaceX shares were sold short as of July 29, equal to approximately 34% of the float and worth $24.6 billion. That surpassed the dollar value of Tesla’s short interest. The Tesla comparison makes a good headline. The more useful information is how quickly the trade developed.
S3 estimated that only about 40 million SpaceX shares were sold short on June 23. Little more than a month later, that position had increased more than fivefold. The lock-up risk is no longer something the market has overlooked. It has become one of the main reasons investors are willing to bet against the stock.
That does not eliminate the supply problem. It does mean that some of the expected selling pressure has already influenced the price. Early investors could sell far more than the market expects, particularly when many remain profitable at prices well below the IPO. The stock could continue to fall more after its recent decline.
But the setup is no longer one-sided. Short sellers eventually need to buy shares to close their positions. The lock-up may provide them with additional stock and better liquidity, allowing them to cover without forcing the price sharply higher. It could also expose them if insider selling proves lighter than expected and institutional buyers begin stepping in.
Thursday Will Not Resolve The OverhangInvestors should also resist judging the end of the lock-up by one trading session.
SpaceX designed a staggered lock-up rather than relying on a single conventional expiration. Additional restrictions are expected to lift in the coming months. By Dec. 8, as much as 40% of the company could be potentially tradable, while the remaining 60%, including Elon Musk’s stake, is expected to stay restricted until mid-2027.
The first useful signal will be volume. Heavy trading beyond Thursday would suggest the market is working through genuine supply rather than reacting to the headline. Insider-sale disclosures will eventually offer more information about who is selling, although they will not capture every employee and early shareholder.
The $135 IPO price is also worth watching. It has no special claim to fundamental value, but it is an obvious reference point. Public investors know it. Insiders know it. A sustained recovery above that level would suggest demand is beginning to absorb the expanded float. Continued weakness below the IPO price would make selling easier to justify for holders with much lower cost bases.
The IPO allowed the public to buy a small piece of SpaceX. The lock-up expiration begins with the harder part: determining the value of the company when more of its owners are free to make their own decisions.
Thursday will not tell investors everything about SpaceX. It should tell them considerably more about SpaceX shares.
Space Exploration Technologies (SPCX +9.43%) stock is scheduled to make its first earnings report as a public company after close of trading today. The news won't be released for at least another hour -- but already, SpaceX stock is soaring, up 9.6% through 3 p.m. ET.
And Elon Musk is the reason.
Image source: The Motley Fool.
Elon Musk scares the shorts off investors As StreetInsider.com reports today, Musk appeared to warn investors against shorting SpaceX stock ahead of earnings. Commenting on what's been described as "massive" short interest -- as much as 95% of "available to borrow" shares and 34% of the float -- Musk took to X today to issue the following ominous observation:
I try to warn them, but they just double down ... 🤷♂️
-- Elon Musk (@elonmusk) August 4, 2026 Was it a joke? Was it a threat? Or was it simply some friendly advice?
Whatever the CEO's intent, investors seem to be thinking that a few minutes before earnings come out might not be the safest time to be short SpaceX stock, lest the news turn out to be "good" and spark a short squeeze. They're closing out short positions and driving SpaceX's stock price higher in the process... which just happens to be exactly how most short squeezes start!
Today's Change
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What does Wall Street think SpaceX will say? Whatever SpaceX reports this evening will be judged against Wall Street analyst guidance for what they think it will report: $0.29 per share in (presumably non-GAAP) earnings, and $6.8 billion in quarterly revenue.
Can SpaceX beat these numbers? Elon Musk seems to think it will, and who knows better than the CEO? Even a beat, however, won't save SpaceX stock if guidance isn't similarly great.
Tune in tonight to see how it all plays out.
Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
SpaceX reported on Tuesday a 92% rise in revenue for the April-June quarter, in its first earnings since going public, buoyed by strong growth in its Starlink satellite-internet and AI businesses.
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David Rojko-Kovačík
Fio banka, a.s.
Prohlášení
What is arguably set to be the most watched earnings call of any company this year will take place later today.
Just after market close, Space Exploration Technologies Corp., better known as SpaceX (Nasdaq: SPCX), will report its first financial results as a publicly traded company.
The stakes couldn’t be higher for SpaceX and its legions of investors who have watched the company’s stock price plummet from an all-time high of over $225 per share—achieved just days after its much-hyped IPO—to its current price of around $117 today as of this writing.
Here’s what to watch out for when SpaceX reveals its Q2 2026 results this afternoon.
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SpaceX’s total and segmented revenueThe headline item that investors and analysts will be most interested in is SpaceX’s revenue. As noted by CNBC, LSEG analysts are expecting the company to post total revenue of $6.93 billion, with a earnings per share (EPS) of negative 26 cents.
According to the company’s IPO documents, SpaceX generated total revenue of around $18.7 billion in fiscal 2025, when it was still a private company. But that’s before expenses are taken into account. In total for its fiscal 2025, SpaceX had a net loss of around $4.9 billion, according to CBS News.
But investors won’t only be interested in SpaceX’s total revenue (and/or losses). They’ll be keeping a keen eye on how the company’s different businesses are performing independently.
As Space Exploration Technologies Corp. (NASDAQ: SPCX) experienced a relief rally ahead of its first earnings report on August 4, several Wall Street analysts reiterated further upside for the next 12 months.
Kenneth Herbert, an analyst at RBC Capital, reiterated a ‘Buy’ rating for SpaceX stock. Herbert set the firm’s 12-month average price target for SPCX shares at $225, a potential 90% upside, as the company’s stock hovered at about $118.51 at press time.
The analyst expects SpaceX stock to experience headwinds resulting from upcoming share unlocks, as Finbold explained. Additionally, he noted that investors are focused on long-term challenges despite the company’s current valuation being attractive.
SpaceX stock price forecast 2026 On Monday, Charles Minervino, an expert at Susquehanna, maintained a ‘Hold’ rating for SpaceX. Minervino reaffirmed the firm’s 12-month price target for SPCX at $170, a rise of over 43%.
On August 3, Douglas Harned, an analyst at Bernstein, reiterated a ‘Buy’ rating for SpaceX stock. Harned set a 12-month price target of $239, hence signaling a possible 101.7% rally.
On the same day, Edison Yu, a market researcher at Deutsche Bank, reasserted a ‘Buy’ rating for this company. Yu also upheld the bank’s 12-month price target for SPCX stock at $225.
Meanwhile, Brian Dobson, a Wall Street analyst at Clear Street, stood by his ‘Buy’ rating and a 12-month price target of $217. Consequently, 31 analysts surveyed by TipRanks have set an average 12-month price target of $233.18, thereby expecting the SPCX share price to hit a new all-time high (ATH)
SPCX price outlook After closing July at an all-time low of around $108.37, SPCX share price experienced a relief rally in August, trading at about $118.51 at the time of reporting. Over the past 24 hours, this stock has added over 6%, thereby increasing its market capitalization to $1.5 trillion.
SPCX stock 24-hour chart. Source: Finbold Despite SpaceX stock trading 11% below its IPO (initial public offering) price, Wall Street analysts expect a bull rally over the next 12 months.
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This live blog is being updated by Thomas Richmond, a 24/7 Wall St. contributor. You’ll get expert analysis of SpaceX’s earnings.
Simply stay on this page, and new updates will appear below automatically. We expect SpaceX to release earnings shortly after 4:00 p.m. ET.
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Bull Case Hyperscaler billings could validate the growth story. The Anthropic deal at $1.25 billion per month and Google’s $920 million monthly rental of 110,000 GPUs support a roughly $26 billion annual run rate. Analysts see substantial upside, with a $236.71 target and 97.64% implied upside, plus 7 Buy ratings. Bear Case Odds of an earnings miss climbed to 70.5% on Polymarket as the report approaches. Reddit sentiment reframes SpaceX as a “measuring stick for the AI bubble”. The Anthropic and Google contracts include 90-day termination clauses, questioning revenue durability. Shares are down 29.3% over the past month, signaling fading conviction. 3 hours ago
Live
SpaceX delivers its first quarterly report as a public company today, with investors looking for evidence that its $1.55 trillion valuation can withstand the recent selloff.
Prediction markets remain skeptical, assigning a 68.5% probability that SpaceX misses Q2 expectations. Shares have already fallen 26% over the past month, although Wall Street’s average price target remains considerably higher at $236.71 vs the current share price of about $120.
The biggest question is whether monthly billings from customers such as Anthropic and Google support the projected path toward $62 billion in fiscal 2027 revenue.
Strong billings could restore confidence in the company’s growth trajectory and valuation. A softer result would likely extend the post-IPO reset, especially with prediction markets pricing in only a 31.5% probability of an earnings beat.
SpaceX (NASDAQ: SPCX | SPCX Price Prediction) reports Q2 2026 results tonight after the market closes. Shares trade at around $120, far off the post-IPO peak near $225. This first quarterly report as a public company frames the trillion-dollar space and AI-infrastructure narrative.
The Backdrop: Momentum Meets Post-IPO Reset Shares have dropped 26.1% in a month, from $162 on July 2 to $120 by August 4. Reddit sentiment sits at 36 (bearish), driven by lock-up concerns and AI capital-allocation scrutiny. Wall Street stays constructive with 7 buys, 3 holds, and 1 sell, and a $236.71 target implying nearly 100% upside.
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Two hyperscaler deals reset the story. Anthropic agreed May 6 to rent about 300 megawatts of Colossus compute at $1.25 billion per month. Google followed June 5 with 110,000 GPUs at $920 million per month through mid-2029. The combined run rate from these deals is roughly $26 billion annually.
Consensus Estimates Metric FY 2026 FY 2027 FY 2028 Revenue Loss year ~$62B (~+100% YoY) N/A EPS (Normalized) Net loss ~$0.70 Over $3.00 Consensus estimates that SpaceX will lose money this year, with its first profitable quarter starting in Q3 2026. SpaceX’s S-1 showed $18 billion in revenue, up 33%, but Wall Street models $62 billion for hyperscaler contracts next year.
What I’m Watching: Hyperscaler Rents Meet Space Economics I’ll be watching four items closely.
First, revenue mix. Both hyperscaler deals include 90-day termination clauses, so management framing of recognized revenue versus contracted run rate matters more than the headline dollar figure.
Second, the margin path. With profitability slated to start in Q3, Q2 gross margin commentary and capex guidance shape whether the FY 2027 EPS bar of roughly $0.70 holds.
Third, competitive positioning. Japan’s reusable rocket landing rattled retail conviction, with one r/wallstreetbets thread hitting 1,309 upvotes and 512 comments. Any commentary on launch cadence, Starship progress, and moat durability moves the narrative.
Fourth, capital allocation. Analysts will watch how management balances AI infrastructure spend against core space reinvestment. The Reddit thread “SpaceX’s first results put Musk’s AI spending under Wall Street microscope” captured the tension currently defining the stock.
Earnings History Tonight’s Q2 2026 release is SpaceX’s first reported quarter since the IPO, so there is no 1-day, 7-day, or 14-day post-earnings track record to reference.
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Within the next few hours, a SpaceX rocket will collide with the moon - but how did this incident come about?
The upper stage of a SpaceX Falcon 9 rocket, launched 19 months ago before unintentionally veering towards the moon, is set to collide with an explosive impact equivalent to three tons of TNT.
Space-tracking expert Bill Gray predicts an impact speed of 5,400mph - seven times the speed of sound - when the object hits near Einstein Crater on the moon's sunlit western limb.
While NASA spokesperson Jimi Russell has said that "there is no danger to Earth" from the impact, eyes around the world will be looking for the moment the spacecraft crashes.
Image: The SpaceX Falcon 9 (pictured here is a different Falcon 9) is on course for the moon and was launched in January 2025. File pic: AP When is it due to crash?
We don't know the exact minute, but the collision is expected to take place at around 2.35am Eastern Time - so around 7.35am in the UK - on Wednesday morning.
Even if it's dark out, the view of the impact flash will be too dim to see the moment of impact. However, it may be visible by telescope for tens of minutes.
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The eastern portions of the US and Canada, and much of South America, should have the best views.
What do scientists expect will happen?
Nothing catastrophic, but scientists say the moment of impact will be massive, carving out a crater and sending up a plume of dust and rubble.
NASA's Lunar Reconnaissance Orbiter and South Korea's Danuri lunar orbiter will gather before-and-after shots of the crash scene.
Another scientist, Benjamin Fernando, from the Los Alamos National Laboratory in New Mexico, echoed this, saying: "The gravity on the moon is low and there is no wind to blow the dust away."
In the aftermath, he anticipates an impact crater nearly 90ft (27m) across and 16ft (5m) deep - too small to see from Earth but visible to spacecraft.
But both said that they aren't too concerned about the impact itself.
See more from Sky News:
Russia accused of 'barbaric war crime'
The first solar eclipse in almost 30 years
So what are they concerned about?
Concerns are more about the amount of space debris in the Earth's orbit - where, as of July, the European Space Agency suggests there are more than one hundred million pieces of small objects.
Mr Fernando said that "part of the reason for our interest in this event is to figure out how much of a hazard debris impacts pose to future astronauts".
And Mr Gray added: "Things are getting crowded up there."
Detritus from man-made objects falls from orbit on occasion
In October last year, a burning piece of space debris that crashed to Earth was found by mine workers nearly 19 miles east of Newman, Western Australia.
And last May, a car-sized piece of the Soviet rocket Cosmos 482 crashed back to Earth after 53 years in orbit.
Will SpaceX shares keep falling?
What do we know about the rocket?
SpaceX's Falcon 9 is a partially reusable, two-stage rocket - with this specific rocket launched as part of a US and Japanese mission to carry a pair of lunar landers and scientific equipment to the moon last year.
While the concept is to make the rocket reusable and returnable to Earth for future missions, part of the Falcon 9 is shed in orbit, where it remains, unless collided with.
The part on track for the moon is the upper stage of the rocket - about the size of a five-storey building, with a weight on Earth of at least 4,000kg.
SpaceX megarocket completes test flight
Has this happened before?
Yes, SpaceX's Falcon 9 will be the second dead rocket to crash into the moon by accident.
The first came when a Chinese rocket segment dug out a pair of craters on the lunar far side in 2022.
At the time, Mr Gray said it was likely the third stage of a Chinese rocket that sent a test sample capsule to the moon and back in 2014.
Chinese ministry officials said the upper stage had reentered Earth's atmosphere and burned up.
A 2023 study in the Planetary Science Journal said it found "conclusively" that the debris was from China's Long March 3C rocket from a 2014 lunar mission.
That marks an important shift for investors. Alongside businesses like Google Search, AWS and Microsoft Azure, private AI investments are beginning to play a meaningful role in the earnings of some of the world’s largest public companies.
How Private Investments Show Up in EarningsThe gains aren’t the result of companies selling their stakes.
Instead, accounting rules require certain equity investments to be updated to reflect their estimated market value each reporting period. When those valuations rise, companies can record an accounting gain in their income statement even if they haven’t sold a single share.
In other words, soaring valuations at private AI companies can boost reported profits alongside the earnings generated by a company’s core business.
That dynamic was on full display this quarter.
Billions of Dollars From Anthropic and SpaceXAlphabet reported roughly $98 billion in other income during the second quarter, helping drive a nearly 300% increase in earnings per share. While the company did not identify individual investments, analysts and media reports attributed much of the gain to the higher valuations of Anthropic and SpaceX.
Amazon recorded $53.4 billion in pre-tax other income, primarily from the revaluation of its investment in Anthropic, helping lift earnings per share by 242%.
Microsoft also benefited, recognizing a $3.2 billion gain from its Anthropic investment, although the company said that was partly offset by a decline in the value of its OpenAI stake.
A New Driver of the AI BoomFor years, investors measured the AI boom through chip sales, cloud revenue and software adoption.
Now there’s another way AI is showing up in earnings: the rising value of the companies developing the technology.
Why Investors Should WatchNone of this takes away from the strength of Big Tech’s core businesses. Alphabet continued to deliver strong cloud growth, Amazon posted its fastest AWS expansion in more than four years, and Microsoft maintained robust demand for its AI offerings. Those businesses remain the primary drivers of long-term value.
But this earnings season highlighted a new variable investors may need to watch.
If AI companies such as Anthropic and SpaceX continue rising in value, they could remain a meaningful tailwind for reported earnings. If those valuations level off—or decline—the opposite could also be true.
For investors, the AI story is no longer just about chips, cloud computing and chatbots. It’s increasingly about the value of these companies that Big Tech already owns.
Image via Shutterstock
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Americké akcie v polovině obchodního dne razantně posilují, s největší pravděpodobností i díky pokračujícím rozhovorům na Blízkém východě. Pomáhá tomu ale i zveřejňování výsledků hospodaření za druhé čtvrtletí, která jsou u většiny firem pozitivní.
Index Nasdaq s převahou technologických titulů v polovině obchodního dne posiluje o 2,1 %, zatímco index S&P přidává 1,52 % a směřuje k další rekordní úrovni. Růst vykazuje i index blue-chip akcií DJI, který navazuje na pondělní rekordní maximum o 1,75 %.
Dnešní výsledky hospodaření prezentovala společnost Caterpillar (CAT), mimochodem druhá největší složka indexu DJI z hlediska váhy. Ta posiluje o téměř 7 % poté, co její tržby a výnosy poprvé překročily hranici 20 miliard dolarů. Akcie společnosti Palantir rostou dokonce o 28 % po čtvrtletí, které generální ředitel Alex Karp označil za „neuvěřitelné“. Jen ve druhém čtvrtletí vzrostly tržby společnosti Palantir z obchodní činnosti s americkou vládou meziročně o 90 % !
Mezi další společnosti, které dnes zveřejní své výsledky, patří Advanced Micro Devices, ten v současné době přidává přes 8 %, za sebou je mají McDonald's, +1 % a Spotify, která však klesá o více jak 2% i přes silný předpoklad růstu tržeb. Největší pozornost však upoutá první čtvrtletní zpráva o hospodaření společnosti SpaceX od jejího vstupu na burzu. Akcie této společnosti se od červnového IPO nacházejí v volném pádu, což vysílá varovný signál ostatním společnostem s tržní kapitalizací v řádu miliard, které uvažují o vstupu na veřejné trhy.
Ropa padá o více jak 5 %, Zlato roste o 1,3 % a Bitcoin přidává 0,5%
Index S&P 500 +1,52 % na 7715,84 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Informační technologie +3,7 % Utility -0,7 % Základní materiály +1,6 % Energie -0,6 % Průmysl +1,4 % Zbytná spotřeba -0,4 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Palantir Technologies (PLTR) +28 % Aptiv (APTV) -18 % Zebra Technologies Corp (ZBRA) +22 % NRG Energy (NRG) -15 % Gartner (IT) +17 % Rockwell Automation (ROK) -8,0 % Coherent Corp (COHR) +16 % Vistra Corp (VST) -6,6 % Marvell Technology (MRVL) +14 % Alexandria Real Estate Equities (ARE) -5,7 %
David Rojko-Kovačík
Fio banka, a.s.
Prohlášení
Open interest in a single out-of-the-money SpaceX (NASDAQ:SPCX | SPCX Price Prediction) call option is now approaching $20 million, and no one on Wall Street can say for certain who is behind it. The contract in question is the $330-strike call expiring this Friday, August 7, a strike that would require SPCX to nearly triple in four trading days from around $119.59. Brent Kochuba, founder of SpotGamma, thinks the fingerprints point to a big bank.
The pattern is unusual. The contract has attracted more than 450,000 open positions, at least seven times the next most popular contract in the chain. On Monday alone, roughly 90,000 contracts were bought across hundreds of separate transactions, totaling about $2.2 million at an average of 30 cents per contract. The $20 million figure represents cumulative notional interest that has grown even as payoff odds have shrunk, rather than a single buyer’s outlay. Kochuba’s read of the flow rules out the obvious suspects: the buying does not look like retail, a hedge fund, or a market-maker.
That leaves something more institutional. “My guess is that banks own these calls as a hedge, maybe against some kind of structured product or some other short exposure they have,” Kochuba said. “It has to be some kind of margin hedge by someone short the stock or short vol or something like that.” The theory fits the shape of the flow: steady accumulation at a strike price no rational directional bettor would choose.
Crucially, this position does not need SPCX to reach $330 to profit. Jay Pestrichelli of Tidal Financial Group, which manages roughly $60 billion, argues the calls could turn profitable on a much smaller rally, around $215 by Wednesday morning, with the right mix of price movement and volatility expansion. “Making some assumptions on the math, a $100 rally by Wednesday morning could be profitable,” Pestrichelli said. “It’s not a speculative moon shot, you don’t buy the highest strike in the chain unless you’re trying to reduce the cost of a hedge.”
The backdrop explains the appetite for protection. SPCX priced at $135 on June 11, 2026, raising roughly $75 billion at a valuation near $1.8 trillion, the largest IPO in history. It then surged more than 67% to an intraday high near $225.64 before collapsing. The stock is now down roughly 15% to 20% from its IPO price and 40% to 50% off the June peak. Implied volatility sits at 133, higher than nearly every S&P 500 name except SanDisk, with the options market pricing a 14% earnings-day swing.
Earnings report lands tonight. It is SpaceX’s first public earnings report, and Wall Street is looking for Q2 revenue of roughly $6.88 billion, a loss of $0.23 per share, and adjusted EBITDA around $2.1 billion, with full-year 2026 estimates near $39 billion in revenue and $17.3 billion in EBITDA. The stock went in trading at about 36 times projected 2026 revenue. Two days later, on August 6, a partial early-release provision frees roughly 911.5 million employee and early-investor shares, separate from the main 180-day lockup running through December 8, 2026, and Musk’s roughly 6.4 billion shares locked until June 12, 2027.
Read the flow as a hedge and the strangeness resolves. Someone with short exposure, whether to the stock, to volatility, or to a structured product referencing SPCX, is paying pennies for insurance against the tail. Earnings hit tonight. The contract expires Friday. The identity of the buyer may follow shortly after.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and SpaceX didn't make the cut. Grab the names FREE today.
Traders in the options market are braced for a swing of roughly $225 billion in the value of SpaceX shares following its first-ever earnings report on Tuesday, underscoring market anxiety over how the financials will look for Elon Musk's rocket and satellite company.
Space Exploration Technologies Corp. (NASDAQ:SPCX) stock rose nearly 2% in Tuesday’s premarket session as investors positioned ahead of the company’s first public earnings report, due after the closing bell.
The broader market also provided support, with Nasdaq futures up 0.67% and S&P 500 futures gaining 0.14%.
Analysts Focus On Starship And Long-Term GrowthWhile the upcoming quarterly results will be closely watched, analysts say the bigger story remains SpaceX’s long-term execution, particularly around Starship, AI infrastructure and capital deployment.
Bernstein analysts told CNBC that Starship remains the key factor in justifying SpaceX’s valuation, along with semiconductor access, regulatory approvals and compute capacity.
The firm recommends buying the stock with a $239 price forecast, saying quarterly results matter less than management’s confidence in the company’s growth path.
Matthew Unterman, head of research at S3 Partners, told CNBC that short sellers have built one of the fastest and most aggressive bearish positions in a mega-cap name ahead of its first post-IPO earnings report.
New Street Research analyst Ben Harwood told CNBC that the pullback creates an attractive entry point for long-term investors, citing SpaceX’s large growth runway and wide moat.
Cantor analysts also remain optimistic, with a $246 price forecast, saying that earnings could ease pressure if SpaceX shows hosted-compute profits, clarifies funding plans and works through early lockup-related selling.
The stock carries a Buy rating with an average price forecast of $229.96. Recent analyst moves include:
RBC Capital: Outperform (Maintains forecast to $225.00) (Aug. 3) Macquarie: Outperform (Maintains forecast to $250.00) (Aug. 3) Macquarie: Outperform (Maintains forecast to $250.00) (July 31) Top ETF ExposureSignificance: Because SPCX carries significant weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.
Price ActionSPCX Stock Price Activity: SpaceX shares were up 1.56% at $116.32 during premarket trading on Tuesday, according to Benzinga Pro data.
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Elon Musk's SpaceX is gearing up for another milestone—its first-ever earnings report, which it is scheduled to deliver tomorrow, Tuesday, August 4, after the closing bell.
SpaceX SPCX investors are bracing for one of the biggest earnings-driven moves ever seen for a newly listed company, with options traders pricing a swing of roughly $225 billion in the company's market value ahead of its first quarterly results on Tuesday.
According to Reuters, options imply that SpaceX shares could move about 15% in either direction following the earnings release, although current positioning suggests traders are leaning toward further downside.
The implied move is unusually large for a company of SpaceX's size.
The rocket and satellite company still commands a market capitalization of about $1.5 trillion despite its shares having fallen 43% from the closing peak of $201.80 reached shortly after its record-breaking June 12 market debut.
Analysts said the combination of a sharp post-listing decline, a limited trading history and uncertainty over whether the company's financial performance can justify its lofty valuation has pushed options pricing well above levels typically seen for mature blue-chip companies.
By comparison, options markets had priced in only a 6.6% move for Microsoft ahead of its quarterly earnings last week.
Investors remain cautious ahead of resultsSpaceX is expected to report a quarterly loss before interest and taxes of about $1.6 billion on revenue approaching $7 billion.
"The overall volatility level is massive," Ophir Gottlieb, chief executive of Capital Market Laboratories, told Reuters.
Investor caution extends well beyond the options market.
The company's stock surged to an all-time intraday high of $225.64 just days after its public debut but has since fallen to around $114.53, reflecting concerns about valuation and the pace at which revenue can support its ambitious growth plans.
Adding to the uncertainty, Tuesday's earnings report will clear the way for approximately 911.5 million shares held by insiders, employees and early investors to become eligible for sale after the lock-up period expires on August 6.
That additional supply could weigh further on the stock if early shareholders decide to cash out.
Bearish positioning has also intensified across other parts of the market.
Leveraged exchange-traded funds tracking SpaceX show investors remain optimistic overall, with assets of roughly $401.1 million across seven bullish single-stock ETFs.
However, nearly $296.8 million has flowed into inverse leveraged funds that profit when the stock declines, according to data from VettaFi.
That gap between bullish and bearish positioning is far narrower than is typically seen for stocks that have leveraged ETF products, highlighting growing investor caution.
Short sellers have also increased their bets against the company.
According to Peter Hillerberg, co-founder of Ortex Technologies, roughly 63% of SpaceX's free float is currently on loan to short sellers, close to a record high.
"There is almost no stock left to borrow," Hillerberg said.
Based on SpaceX's July 31 closing price of $108.37, Ortex estimates short sellers are sitting on approximately $18.4 billion in mark-to-market profits.
Meanwhile, investors attempting to hedge their positions have faced rising costs as heightened expectations for earnings volatility have pushed options premiums sharply higher.
Tuesday's earnings report will therefore not only offer Wall Street its first detailed look at SpaceX's financial performance as a public company but could also determine whether the recent slide in its shares deepens or reverses.
SpaceX stock will be in focus later today as the company reports its first earnings since going public. Shares rose to $114.45 on Monday, recovering modestly from their record low of $104. Investors are now watching closely to see whether the inaugural earnings report will provide the catalyst for the stock to extend its rebound or resume its decline.
Elon Musk’s Space Exploration Technologies will be in the spotlight as the company publishes its financial results, which will provide color on its business.
These will be important numbers because they are the first ones since the company launched its highly successful initial public offering (IPO).
Additionally, the company will likely have a chance to explain whether it is planning to merge with Tesla. As we reported last week, Tesla is considering selling its Chinese operations to make a potential deal easier.
The most recent results, filed its S1 document, showed that its revenue jumped to over $4.6 billion in the first quarter, while its net loss jumped to over $4 billion. It also continued boosting its capital expenditure because of its vast AI ambitions, especially after its merger with xAI.
Yahoo Finance data expects the company’s revenue to come in at $6.9 billion, with the net loss narrowing to $1.9 billion.
Still, on the positive side, the company’s future revenue growth is expected to continue soaring in the long-term. For example, the annual revenue is expected to jump to $39 billion this year and $73 billion next year.
This growth is driven by the ongoing AI boom that has made Grok a large player in the industry. Additionally, the company has inked major deals with companies like Anthropic, Reflection AI, and Alphabet.
Anthropic is paying it over $1 billion a month, while Reflection will be paying it over $900 million. Alphabet, on the other hand, is expected to pay it $950 million a month, and more hyperscalers may come in.
Top analysts are highly bullish on the SPCX stock. For example, Royal Bank of Canada (RBC) recently hiked its rating to outperform with a price target of $225, while Raymond James reiterated its strong buy rating. Needham boosted the target to $250, with the most optimistic analyst having a target of $800.
The options market is also signaling that the stock may rebound, with more investors having calls than puts. It has a put/call ratio of just 0.30. However, the implied volatility of 207% is much higher than the historical volatility of 75%.
SPCX stock chart | Source: TradingView
The two-hour chart shows that the SPCX stock has formed a double-bottom pattern at $106 and a neckline at $118.5. It has also moved above the upper side of the descending channel, while the Relative Strength Index (RSI) has pointed upwards.
Therefore, the most likely scenario is where the stock jumps by double digits after its earnings. If this happens, it may jump to $130 and above. However, because of the significant implied volatility, the stock may also resume the downtrend, and possibly move below $100.
SpaceX has fallen nearly 50% from its post-IPO high, with current valuation concerns outweighing index inclusion support. Starlink's strong margins are critical, but AI and Starship losses risk overwhelming profits; the durability of new AI revenue is uncertain. Upcoming lockup expiry could unleash significant share supply, potentially pressuring SPCX further after earnings regardless of results.
The Scottish Mortgage Trust share price has come under pressure and moved into a correction as traders reacted to the ongoing earnings season. It also retreated after SpaceX, its biggest constituent company, plunged to a record low. It was trading at 1,361p on Tuesday, down by 12% from its all-time high.
SMT stock jumped sharply earlier this year as investors waited for the SpaceX IPO, which raised billions of dollars. Since then, however, the stock has plunged sharply and is hovering near its all-time low. This retreat has erased over $1 trillion in value.
The ongoing SpaceX retreat is important for Scottish Mortgage because it is its biggest constituent, accounting for a 17% share.
Focus now shifts to the upcoming SpaceX earnings report, which will come out later today. Analysts expect these results to show that its revenue jumped, helped by its launch, Starlink, and its booming data center business. Analysts anticipate the upcoming results to show that its revenue jumped to over $6 billion in the last quarter.
Wall Street analysts are highly bullish on SpaceX shares, with the consensus view being $230, much higher than the current $114. Some of the most bullish analysts are from companies like RBC, William Blair, Bernstein, and KeyCorp.
On the positive side, some of the biggest companies in its portfolio have published strong earnings recently. TSMC, its second-biggest constituent, released strong numbers, with its revenue jumping to over $40 billion, up by 33% YoY. Its gross margin jumped to 67.7%, while the net profit margin soared to 55.6%.
This growth will likely continue doing well in the coming years as demand for semiconductors jumps. There are no signs that the AI sector is slowing, with companies like Apple, Nvidia, Qualcomm, and AMD issuing strong guidance.
Amazon, another top constituent in the Scottish Mortgage portfolio company, reported strong numbers, with its AWS business continuing seeing strong demand. Other firms like ASML and MercadoLibre also released strong metrics.
Meanwhile, Scottish Mortgage also owns a big stake in Anthropic, the creator of Claude, one of the most advanced AI chatbots in the industry. Recent reporting shows that Anthropic’s annualized revenue continues to grow and will hit $74 billion. Its valuation has moved to over $900 billion, and this figure will cross the $1 trillion mark in the next fundraising.
The daily chart shows that the SMT stock price has dropped sharply in the past few weeks, moving from a high of 1,561p in June to the current 1,365p. It settled above the 200-day Exponential Moving Average (EMA).
The stock has remained above the ascending trendline that links the lowest swings since November 2025. Remaining above this level is a sign that the bullish trend remains intact for now.
Therefore, the stock will likely bounce back, potentially to the key resistance level of 1,500p. However, a drop below the ascending trendline will point to further downside.
Today represents another milestone moment for the company that rewrote Wall Street's record books with its initial public offering (IPO) a little over seven weeks ago. Elon Musk's trillion-dollar artificial intelligence (AI) and space economy conglomerate, Space Exploration Technologies (SpaceX) (SPCX +5.68%), is set to report its second-quarter operating results after the closing bell today, Aug. 4.
While earnings reports provide the meat-and-potatoes of what makes companies tick, SpaceX's first quarterly report as a public company isn't the highlight of what's to come. The real fireworks begin two days later, on Aug. 6.
Image source: Getty Images.
AI and operating losses will be the primary focus on Aug. 4 As of July 30, Wall Street's consensus is for SpaceX to deliver $6.82 billion in sales for the June-ended quarter with a loss of $0.29 per share. But without any previous guidance from the company, analyst estimates are truly all over the map.
Investors can expect SpaceX to talk up its two most prominent compute deals inked in the second quarter. In May, Anthropic, the large language model developer behind Claude, agreed to pay SpaceX $1.25 billion monthly through May 2029 for access to xAI's data center. Just weeks later, Alphabet agreed to pay $920 million monthly over three years to access xAI's compute capacity.
SpaceX in IPO filing: "We believe we have identified the largest actionable total addressable market in human history. We estimate that our quantifiable TAM is $28.5 trillion, consisting of $370 billion in Space from space-enabled solutions; $1.6 trillion in Connectivity across... https://t.co/CBTpfJECik pic.twitter.com/yh54mKFlQE
-- Sawyer Merritt (@SawyerMerritt) May 20, 2026 Given that SpaceX assigned $26.5 trillion of its $28.5 trillion total addressable market to AI, the focus of its conference call with analysts will assuredly be on data center expansion and these contracts.
At the same time, spending on AI infrastructure expansion and the space economy should lead to an unsightly loss. Now that SpaceX is public, it'll be difficult to sweep a multibillion-dollar loss under the rug without investors noticing.
Image source: Getty Images.
Early release insiders can begin selling their shares on Aug. 6 However, SpaceX's second-quarter operating results are more of a stepping stone to the week's biggest event: the initial share unlock for select insiders.
Typically, newly public companies forbid insiders (high-ranking executives, board members, and early investors) from selling shares until 180 calendar days after a company's public debut. SpaceX balked at tradition and instituted an accelerated and staggered unlock schedule for most insiders.
Beginning two days after the release of the company's first quarterly operating results as a public company, 20% of early release shares are eligible to be sold. There are several other staggered time-based lockup periods through the first 180 calendar days. For those curious, Musk can't sell any shares until 366 calendar days after the IPO.
Great look at the SpaceX shares unlock schedule as well as the potential passive buying schedule from @JSeyff @FrancisSharoon Depending on the early post-IPO returns, this could really play with and disperse the returns of "passive" funds (which is why there's arguably no such... pic.twitter.com/KOuEkJlngF
-- Eric Balchunas (@EricBalchunas) May 28, 2026 What makes these insider sales so noteworthy is that SpaceX sold less than 5% of its outstanding shares at its IPO -- a relatively small figure compared to most IPOs. Early release insider sales can steadily flood the market with newly tradable shares and effect the greatest wealth transfer in history, from retail investors to corporate insiders.
While it's possible that insider selling won't be as big a share price drag as I'm making it out to be, the temptation to cash in after years without an avenue to sell is likely too great to ignore. The real fireworks begin on Aug. 6, and it's unlikely to be good news for SpaceX shareholders.
SpaceX is increasingly reserving space on its rockets to launch its own Starlink satellites, crowding out rival space companies that have long depended on Elon Musk's company to get their payloads into orbit.
RXRCD26-040: Visible Au from within the high grade including interval in a laminated quartz vein. 4.94 m @ 349.14 g/t from 603.02 m including 0.91 m @ 1,737.37 g/t from 603.02 m.
Pantoro Gold Ltd (ASX:PNR, OTC:PNTOF, FRA:RKN) has confirmed continuity of high-grade mineralisation at the Racetrack discovery within its 100%-owned Norseman Gold Project in Western Australia, including one of the strongest gold intercepts reported by the company since exploration resumed in 2019.
Second-phase infill drilling returned 4.94 metres at 349.14 g/t gold from 603.02 metres, including 0.91 metres at 1,737.37 g/t and 0.43 metres at 80.67 g/t.
Other notable results included 20.36 metres at 15.55 g/t from 576.29 metres, including 5.94 metres at 43.1 g/t, as well as 3.53 metres at 34.44 g/t and 7.05 metres at 8.82 g/t.
Long Section of Racetrack.
The results have confirmed a high-grade zone extending over more than 350 metres of strike, from near surface to around 600 metres depth, with mineralisation remaining open to the east and down dip.
High-grade zone continues to grow The latest drilling reinforced Racetrack’s potential to become a significant new source of high-grade ore for the nearby OK Underground Mine.
The discovery has been interpreted as a cross-link structure analogous to the Bullen lode, which produced more than 500,000 ounces of gold between 1985 and 2000 at a mined grade of about 10 g/t.
Managing director Paul Cmrlec said Racetrack was developing into a very high-grade structure with some of the widest intercepts recorded at Norseman.
“Grades encountered are similar to those seen at the Bullen deposit, however early drilling suggests greater lode widths,” he said.
Pantoro also noted that visible gold had been observed in laminated quartz veins within several of the reported intervals, supporting the bonanza-grade assay results.
Existing infrastructure supports development case Racetrack is just 600 metres north of the OK Underground Mine and its existing decline infrastructure, offering the potential for relatively low-cost access compared with a standalone underground development.
Pantoro has included an exploration drive from the upper levels of the OK Decline in its financial year 2027 budget, while preliminary planning for underground infrastructure is underway.
The company expects Racetrack could be mined independently once dedicated ventilation circuits are established.
Multiple drill rigs remain active, with ongoing work focused on expanding the high-grade zone and testing the line of lode eastward towards the Mararoa Reef.
Additional drilling is also planned to assess extensions at depth and improve confidence in the continuity and geometry of the mineralised structure.
Norseman production growth strategy Pantoro’s Norseman Gold Project is in Western Australia’s Eastern Goldfields, around 200 kilometres south of Kalgoorlie.
The project hosts a total Mineral Resource of 4.6 million ounces and Ore Reserves of 859,000 ounces, supported by a 1.2-million-tonne-per-year processing plant completed in 2022.
Norseman has produced more than 5.5 million ounces of gold since mining began in 1935.
Pantoro’s growth strategy is focused on expanding underground mining and lifting production initially to 100,000 ounces per year, with a longer-term target of more than 200,000 ounces annually.
Racetrack represents a potentially important addition to that strategy, given its high grades, proximity to operating infrastructure and scope for further expansion.
SpaceX NASDAQ:SPCX will report its first quarterly results as a public company on Tuesday, and investors are looking at it as a test of whether Starlink’s profits can support Elon Musk’s expensive ambitions.
The shares have struggled since their June listing, while critics have focused on Musk’s control of more than 80% of voting rights and his roles as chief executive, chief technology officer and chairman.
Jefferies strategist Aniket Shah told Bloomberg that linking the recent weakness to governance was “a far stretch”.
That shifts attention towards an immediate risk: whether SpaceX can finance spending on artificial intelligence, Starship and orbital infrastructure without debt, losses and dilution overwhelming shareholders.
Shah, Jefferies’ global head of sustainability and transition strategy, questioned investment rules that automatically reject concentrated ownership, dual-class shares or combined chairman and chief executive roles.
He is not the bank’s SpaceX equity analyst, and his remarks were not an earnings forecast or formal recommendation.
His argument does not erase governance risk. Musk’s voting power gives outside shareholders limited influence, while critics are concerned about board independence, shareholder protections and potential conflicts involving his other companies.
The distinction is timing as those features were visible before SpaceX listed on June 12.
Shah argued that the stock’s recent performance had little to do with governance and may instead reflect investors reassessing their assumptions about AI.
Tuesday’s report will test that explanation. SpaceX must show that its established businesses can generate enough profit to fund projects whose commercial returns remain uncertain.
Also read- SpaceX stock crashes 50%: why Jim Cramer says a better buying chance lies ahead
Visible Alpha consensus expects second-quarter revenue of $6.9 billion, led by the Connectivity division.
The unit, which includes Starlink, is forecast to deliver a 35.9% operating margin, offsetting losses across Space and AI, according to S&P Global Market Intelligence.
The range of earnings estimates remains wide, stretching from a loss of $1.26 a share to a profit of 33 cents. That reflects uncertainty about the timing and classification of development expenses.
Starlink subscriber growth, Connectivity margins and spending guidance will therefore matter more than a single earnings-per-share figure.
Investors will also seek updates on Starship, AI data centres and the timetable for turning those investments into revenue.
S&P Global’s Melissa Otto highlighted capital investment as a concern.
Consensus projections show annual capital expenditure rising from $48.7 billion in 2026 to $118.4 billion in 2028, while debt could climb from $41.7 billion to more than $218 billion.
Morgan Stanley analyst Adam Jonas remains bullish, with a $300 target.
The bank said shares below $120 offered a reasonable valuation for Space and Connectivity while assigning limited value to the AI opportunity.
Morningstar takes a different view. Analyst Nicolas Owens values SpaceX at $63 a share, arguing that the market price relies heavily on optimistic outcomes for Starship, satellite connectivity and orbital computing that remain unproven.
Supply may provide another obstacle. The first earnings-linked lock-up expiration arrives on August 6, when up to 911.5 million shares could become eligible for sale.
Morningstar says staggered releases could eventually place more than 6.4 billion additional shares on the market, although eligibility does not guarantee selling.
SpaceX will publish results after Tuesday’s market close and hold its webcast at 4.30PM ET.
Silný srpnový start pro akciové trhy zatím akciové indexy neopouští. Po včerejším růstu kolem +1,5 % hlavních indexů nyní futures kontrakty naznačují mírně růstové otevření v Evropě (+0,3 %), zmoří přidává +0,2 %. Po zavření trhu reportoval v pondělí Palantir a jeho akcie následně prudce vzrostly (+14 %). To jen podtrhuje zlepšený sentiment na technologických akciích. Další potenciální výzva nastane v úterý při výsledcích SpaceX (poprvé jako veřejně obchodovaná společnost). Koncem týdne pak budou sledovat data z trhu práce a potenciálně se budou snažit interpretovat směr pohybu sazeb. Smíšené zprávy z Blízkého východu dnes zvedají ceny ropy Brent k 85 USD. Pokračuje výsledková sezóna, lepší čísla přinesl Bayer či Continental, naopak Lufthansa varovala před zvýšenou nejistotou výhledu do konce roku. CSG kupuje německý závod na výrobu energetických materiálů, zavázala se do počátečního rozvoje investovat 100 mil. Euro. Titul včera silně rostl, když přidal +7,7 % a uzavřel nad 430 Kč. Dnes bychom čekali klidnější vývoj, stejně tak na zbytku trhu.
Results land on Tuesday, with the first insider lock-up expiring on Thursday and the shares below their float price
SpaceX Corp (NASDAQ:SPCX) will publish its first set of results as a listed company after the closing bell in New York on Tuesday, two days before the first tranche of insider stock becomes eligible for sale.
Analysts expect second-quarter revenue of about $6.9 billion, a rise of roughly 68% on the same period last year, and a loss of between $0.23 and $0.35 a share.
The company lost $4.9 billion in 2025, and in the first quarter of this year the net loss widened to $4.2 billion from $528 million, on revenue of $4.6 billion.
Nobody expects a profit, which leaves the market focused on the timing and shape of the losses rather than their existence.
The larger event arrives on Thursday, when roughly 911.5 million shares held by early backers and employees become tradeable for the first time.
That is about 20% of restricted insider holdings, worth close to $100 billion at current prices, and comfortably more than the $75 billion raised in the June listing.
Further tranches unlock on a rolling schedule through the autumn, with a 28% release scheduled two days after third-quarter results and the remainder freed by December. Elon Musk's own holding stays locked until June next year.
Morgan Stanley (NYSE:MS) has described the next few days as the most dangerous phase since the flotation, given that the results and the unlock fall within 48 hours of one another.
The bank retains an overweight rating and a $300 price target, on the argument that the market is underestimating the artificial intelligence business.
The shares closed at $108.37 on Friday, against an offer price of $135 and a post-listing peak of $225.64, and short interest stands at around 219 million shares, roughly a third of the free float.
Options markets are pricing a move of 14% to 15% in either direction after the numbers.
Four disclosures matter most.
Starlink profitability is the first, after the satellite broadband arm ended March with 10.3 million subscribers and $3.3 billion of quarterly revenue, around 70% of the group total.
The second is cash generation from Falcon 9 launches, the reliable engine funding everything else.
The third is the scale of spending on computing infrastructure, where estimates put total capital expenditure near $13 billion for the quarter.
The fourth is Starship, where a launch abort on 16 July, followed by a rare Falcon 9 abort four days later, has sharpened questions about execution.
Space Exploration Technologies Corp. (SPCX +5.62%) reports quarterly results tomorrow, Aug. 4, after the market closes. It's the first time the company will do so after its high-profile June IPO. These may be the most closely watched earnings of the year so far.
SpaceX went public on June 12 in the largest initial public offering (IPO) in history, raising, in total, a staggering $85.7 billion. Shares were priced at $135, closed the first day at $160.95, and ran as high as $225.64 just days later.
That’s not been the story since. Shares have fallen more than 50% from their peak and are now trading around $111, headed into tomorrow’s earnings.
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So, what does Wall Street expect from SpaceX? And what should you be paying attention to beyond the headline numbers?
What Wall Street expects from SpaceX's first earnings reportThe Wall Street consensus is currently set at $6.82 billion in revenue with a non-GAAP loss of $0.23 per share.
You should know that these are very rough estimates. As one Cantor Fitzgerald analyst put it, the “quarter likely suffers from an extreme estimate skew.” That’s analyst speak for Wall Street isn’t quite sure what to expect.
Here’s a look at the company’s most recent performance, broken down by segment.
SegmentQ1 2026 revenueQ1 2026 operating income (loss)Connectivity (Starlink)$3.26 billion$1.19 billionSpace (rockets)$619 million($662 million)AI (Grok, X, data centers)$818 million($2.47 billion)Source: Company Filings
Four things I'm watching beyond the headline numbersOK, here’s what I think you should look out for.
First, cash. Earnings figures, especially ones like earnings before interest, taxes, amortization, and depreciation (EBITDA), can often be a bit misleading. Cash statements reveal a more direct vision of the company’s present financial reality, in my view, especially for businesses that require a whole lot of capital expenditures (capex).
SpaceX generated $1 billion in operating cash flow last quarter -- the cash the business itself produced -- but free cash flow (FCF), the money left over after it also pays for things like equipment and construction, came in at negative $9.1 billion. Pay close attention to this figure.
Second, AI. Now, this is closely related to the first. The AI division was reportedly burning about $1 billion a month last quarter. Massive investment with little revenue. This is likely to look much different given its recent deals with Anthropic and Google. Will these deals make AI a profitable enterprise?
Third, Starlink. This is the company’s financial heart, and its success is critical for SpaceX as a whole. While revenue growth, earnings, and customer growth will all be important to pay attention to, what I’m really interested in is average revenue per user (ARPU). This is an important figure for the long-term vision of Starlink. Is the company sacrificing ARPU for growth?
And finally, Starship. The new rocket is foundational to SpaceX’s growth plans, a cornerstone of its vision for the future. So, I’m extremely interested in any operational developments here. How close are we to full commercial deployment?
Wall Street is, by and large, very bullish on this oneThe consensus among Wall Street is currently a buy with an average 12-month price target of $293, which is quite an upside. Take a look below at a sampling of the Street’s targets; you’ll see that there are definitely some outliers in the bunch, one extremely bullish, the other bearish.
SpaceX TodaySPCXSpaceX$110.44 +2.07 (+1.91%) As of 01:56 PM Eastern This is a fair market value price provided by Massive. Learn more.52-Week Range$104.83▼$225.64Price Target$230.50Add to WatchlistThe stock market rarely offers a setup as structurally tense as the one currently materializing around Space Exploration Technologies Corp. NASDAQ: SPCX.
This week promises to be another eventful one on the earnings front with one of the big-time reports being the first from Space Exploration Technologies (SPCX). The newly public rockets and satellites company steps into the earnings confessional for the first time on August 4, after the close of U.S. markets.
It could be an ideal time for Elon Musk’s company to allay some investor concerns, and the perfect opportunity for aggressive short-term traders to consider the newly minted Direxion Daily SpaceX Bull 2X ETF (LOFF). LOFF, which came to market on June 15, attempts to deliver 200% of the daily returns of SpaceX stock. Already one of the leaders in the geared SpaceX ETF camp, LOFF could be in play this week with some traders potentially willing to bet that mega-cap growth stocks rebound, following a multi-month stretch of weakness.
“The selloff comes amid declines in many stocks at the center of the AI trade,” noted Tom Lauricella of Morningstar. “That includes semiconductor and other hardware stocks, which had seen gains well in the triple digits earlier this year, as well as declines in mega-cap hyperscalers like Alphabet…and Meta Platforms… For SpaceX, the relevant concern is whether the massive investment in the AI buildout will generate the returns needed to support valuations.”
Is It Time to Love LOFF? As a play on SpaceX earnings, LOFF is in an interesting position because this is the company’s first report, meaning analysts don’t have comparisons to work with. That said, traders considering the Direxion ETF will want to monitor commentary on the Starlink unit, which Morningstar analyst Nicolas Owens deigned the primary earnings driver for a company that’s not yet profitable.
“Starlink is currently the earnings engine for the company, and it can partially fund the AI expansion plans. In the second quarter, we are looking to see what kind of trendline for subscriber growth they are experiencing,” noted Owens.
Traders mulling LOFF should also note that SpaceX has artificial intelligence (AI) exposure, and related commentary is likely to be important, particularly when considering the recent slide experienced by some established AI equities.
“Amid the market’s widespread questions about the monetization of AI investments, SpaceX’s AI segment revenue will be a big unknown, though it’s a relatively small part of the company’s overall profit equation,” added Lauricella. “In 2025, the AI business pulled in $3.2 billion in revenue, and in the first quarter of 2026, sales totaled $818 million.”
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One of the most controversial aspects of Space Exploration Technologies Corp (SPCX +5.62%), more commonly known as SpaceX, is the significant ownership and voting control held by CEO Elon Musk. With 42% ownership stake and more than 80% of the voting power, Musk doesn't have to worry about shareholders potentially removing him, even if they disagree with the company's performance. The power Musk yields with the company has been one of the more striking and controversial features of the stock.
For Musk, however, the reason for this type of structure is simple. He says it's to ensure that he can remain focused on the long term.
Image source: Getty Images.
Musk's vision could take considerable time to play out Musk sees considerable opportunities for SpaceX in the future, not only in space but also in artificial intelligence. Putting data centers into space and helping humans get to Mars one day are extremely lofty goals, which will likely take several years, even under ideal conditions. Thus, getting bogged down by shareholder expectations and needing to please Wall Street can be challenging while still focusing on the space's company's long-term goals.
In a recent interview with The Economist, Musk clarified why so much control for him is necessary. "I really just need to make sure that I can focus on long term," Musk said, believing that will give him sufficient power to control the path of the company. And by long term, he clarified he was referring to a time frame of five to 10 years.
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SpaceX's opportunities are significant, but the stock carries plenty of risk In SpaceX's S-1 filing, the company outlined a massive total addressable market of $28.5 trillion, and that growth potential was a big reason investors were bullish about the stock when it first went public in June. The growth story was so compelling that even at a market cap of around $2 trillion, investors wanted to take a chance on the business.
However, SpaceX stock has proven to be volatile since then. On Friday, it closed below $109 and was down more than 50% from the highs it hit in June, when euphoria sent it to more than $225. This type of volatility may be inevitable around a company with such a high valuation and so much uncertainty around its future. With SpaceX unprofitable and needing significant cash infusions to grow in the long run, investors will need to be incredibly patient with the stock, as it may take a long time for the company to realize its goals.
Space Exploration Technologies (SPCX +5.62%) didn't have many good days in July, as its stock declined 31%. It ended the month at a share price of about $108, well below the $135 IPO price.
Cathie Wood, founder and CEO of Ark Invest, has been a vocal supporter of SpaceX, saying she thinks it "could become the most important company in history, and I mean in global history." With praise like that, it's probably no surprise that Wood is buying the dip on SpaceX, but retail investors may want to be more cautious.
Image source: Getty Images.
Ark Invest has been scooping up SpaceX Across its various exchange-traded funds (ETFs), Ark Invest bought 229,651 shares of SpaceX on July 27 and 28. It also bought 68,145 shares of Tesla during the same time period, investing a total of $47.3 million in the two Musk-led companies.
SpaceX is a top holding of multiple Ark Invest ETFs, most notably its flagship fund, the ARK Innovation ETF (ARKK +3.23%), which owned about $283 million in SpaceX stock as of July 31. The ARK Autonomous Technology & Robotics ETF (ARKQ +3.08%) owned about $113 million.
Just because Cathie Wood and Ark Invest are buying a company doesn't mean you should do the same, especially considering the firm's mixed track record. The ARK Innovation ETF has done poorly lately, losing 41% of its value over the trailing five years. The S&P 500 has gained 70% over the same time period. The ARK Autonomous Technology & Robotics ETF has performed better, but with a trailing five-year return of 42%, it still loses to the S&P 500.
Is SpaceX a buy below its IPO price? SpaceX was arguably overvalued at its IPO. At the time, it had a valuation of $1.77 trillion and traded at about 95 times its 2025 sales of $18.7 billion. When a stock is significantly overvalued, a dip isn't necessarily a buying opportunity.
The insider lockup period for SpaceX starts to expire on Aug. 6, 2026, with restrictions expiring in tranches through Dec. 8, 2026. On a positive note, insider shares hitting the market will increase SpaceX's float and likely reduce its volatility. But the lockup expiry will also generate selling pressure, as it stands to reason that insiders will want to take some profits.
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If Wood is right and SpaceX becomes the most important company in global history, then the current price is a bargain. But Wood is known for extremely optimistic forecasts, especially for popular artificial intelligence stocks and cryptocurrencies.
For a more grounded estimate, Morningstar puts SpaceX's fair value at $63 per share. I'm unsure if it will drop that far -- having Musk as CEO seems to add a premium to a company's valuation. Still, I'm waiting to see a couple of earnings reports from SpaceX (the next is on Aug. 4) and to watch what happens as its lockup periods expire. It's an exciting company, but it's still too richly priced in my eyes.
Billionaire Bill Ackman, founder and CEO of Pershing Square Capital Management, gave his thoughts on Space Exploration Technologies (SPCX +2.21%) and Elon Musk in a recent interview with Money News Network. He spoke highly of Musk, calling him the most talented technologist and entrepreneur of our generation, and said, "The word is to never bet against Elon."
He also called SpaceX a very interesting business, but said he isn't touching it right now. If you've been considering buying this space stock on the dip, Ackman provided some useful analysis on what it does well and its main issue.
Image source: The Motley Fool.
What Bill Ackman likes about SpaceX SpaceX has three core business segments: space launches, Starlink internet service, and AI. Ackman heaped the most praise on Starlink, saying it's "enormously profitable" and a "near monopoly" on global satellite internet service, both of which are accurate assessments. SpaceX's connectivity segment, which is powered by Starlink, earned operating income of $4.4 billion in 2025. In terms of having a near monopoly, Starlink surpassed 12 million subscribers in June, and it accounted for 97.1% of all Ookla's global satellite speedtest samples in Q3 2025.
Ackman also credited the company's space and data infrastructure businesses, noting that "if you want to rent 100,000 GPUs, [SpaceX] is about the only place you can do that." It's worth pointing out that although Ackman says SpaceX is earning high returns on its assets, Starlink is its only profitable business based on the data currently available. Space launches posted a small loss in 2025, and AI had an operating income of negative $6.4 billion.
Why Ackman isn't investing The question about SpaceX, according to Ackman, is price. Because SpaceX went public at a $1.77 trillion valuation, that impacts the upside. The valuation has since come down to $1.43 trillion as of July 31, which isn't surprising. The space company was very richly valued from the beginning, and even after dropping quite a bit, it still trades at about 75 times last year's $18.7 billion in sales.
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Ackman also explained that SpaceX doesn't have the predictability that Pershing Square looks for. That makes sense when you compare it to Pershing Square's major holdings, such as Brookfield Corporation, Amazon, Microsoft, and Meta Platforms -- all of which are highly profitable businesses.
SpaceX, on the other hand, is a mix of a capital-intensive rocket launch business, a profitable satellite internet service, and an AI company that's burning money. It acquired the AI business only in February of this year, and there's limited financial information available since it went public in June.
Predictability isn't a requirement for every investor, so that's not necessarily a reason to rule out SpaceX for your own portfolio. But the price is a legitimate concern. The valuation remains high, and the company's first lockup period expiration begins on Aug. 6, which could create more selling pressure. With that in mind, it's best to take a cautious approach if you invest in SpaceX, or just keep it on your watch list for now.
A little-known provision in SpaceX’s IPO lock-up agreement could have released an additional 456 million shares as early as Aug. 7 if the stock met a specific performance target ahead of earnings. With shares trading below the required level, that incremental unlock now appears unlikely.
The $175.50 Threshold Is Out of ReachUnder SpaceX’s IPO prospectus, an additional 10% of eligible non-affiliate shares — roughly 456 million shares — could become available for sale two trading days after the company’s first earnings release if certain conditions are met.
The key requirement: SpaceX shares needed to close at or above $175.50, or 30% above the $135 IPO price, on at least five of the 10 trading days before earnings.
With shares recently trading around $107, the stock sits nearly 39% below that threshold. To trigger the additional release before Tuesday’s earnings, SpaceX would need to rally nearly 64% in a single trading session—making the performance-based unlock effectively impossible.
Only the Scheduled Lock-Up RemainsThat leaves investors with just one lock-up event to monitor.
Approximately 912 million shares, representing about 20% of eligible non-affiliate holdings, are scheduled to become eligible for sale on Aug. 5, the second trading day after the company reports second-quarter results.
Had the performance condition been met, another 456 million shares would have followed on Aug. 7, increasing the potential unlock to nearly 1.37 billion shares.
Instead, the upcoming lock-up expiration will be roughly 33% smaller than the maximum amount contemplated in the IPO prospectus.
Why it MattersLock-up expirations don’t automatically lead to insider selling. Employees, early investors and executives remain free to continue holding their shares if they believe the company’s long-term outlook remains intact.
Still, traders closely monitor these events because they increase the supply of stock eligible to trade, often adding volatility around earnings and other major catalysts.
For SpaceX, that means the focus now shifts squarely to Tuesday’s earnings report rather than a much larger-than-expected increase in tradable shares.
The company’s first post-IPO earnings release was already expected to be one of its biggest market catalysts. Now, investors can evaluate the results without having to weigh the possibility of another 456 million shares unexpectedly entering the market just two days later.
Image via Shutterstock
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Here are the earnings estimates, what experts are saying ahead of the report and the key items to watch.
SpaceX Q2 Earnings EstimatesAnalysts expect SpaceX to report second-quarter revenue of $6.93 billion, according to data from Benzinga Pro.
Analysts expect a quarterly loss of 26 cents per share.
With the company newly public, there are not figures from last year’s second quarter.
SpaceX had revenue of $18.7 billion in fiscal 2025 and reported a net loss of $4.9 billion.
What Experts are SayingSpaceX has attracted many analyst ratings and price targets since going public, along with commentary from top market experts.
"Investors won’t be focused on what the company earned over the past three months, but will likely be looking years down the road," Freedom Capital Markets Chief Market Strategist Jay Woods said in a weekly newsletter.
Woods highlights capital spending as one of the biggest items to watch in the earnings report and in commentary from company management.
"This is expected to be less about the numbers and more about Elon Musk’s vision, his capital spending plans and whether Wall Street is willing to continue funding one of the market’s most ambitious growth stories."
Woods said to look for spending on Starship, Starlink and AI infrastructure and the expected capital returns. Specifically, the market expert said investors should also look for updates on Starlink subscriber growth, government contracts and Starship’s commercialization timeline.
The market expert also said investors should be aware of a lock-up expiration of around 911 million shares on Aug. 6. Those shares held by employees and early investors will be eligible to be sold, adding to the supply of shares available. SpaceX is unlikely to hit other milestones that would unlock more shares yet.
"For one of the year’s most anticipated IPOs, the first earnings report could set the tone for the rest of 2026."
Here are some recent analyst ratings on SpaceX stock and their price targets:
Macquarie: Maintained Outperform rating, with price target $250 HSBC: Initiated with Hold rating, with price target $115 Piper Sandler: Initiated with Neutral rating, with price target $156 Needham: Maintained Buy rating, raised price target from $200 to $250 Evercore ISI: Initiated with Outperform rating, with prices target $230 Key Items to WatchAs the first earnings report as a public company, this could mark a turning point in the SpaceX storyline. The company’s IPO prospectus featured large focus on total addressable market sizes for items like space, AI and more.
Musk is likely to give more details on timelines for some items, including trips to the Moon and Mars.
Those items don’t exactly spark great ideas on the company’s future.
Expect Musk to be overly positive on the company’s future, as he has already warned short sellers betting against the company. With the stock price down, Musk is likely to find more ways to get investors excited about the company’s future.
SpaceX Stock Price ActionSpaceX stock is up 1.9% to $110.37 on Monday versus a 52-week trading range of $104.83 to $225.64. SpaceX stock is down 31.4% from its initial market debut and shares are down 51.1% from their market highs.
Imagen: Shutterstock
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Key Takeaways SpaceX is expected to post $6.72B in Q2 revenues and a loss of 26 cents per share.Starlink remains the only consistently profitable segment, though monthly ARPU fell to $66 from $86.AI drew $7.7B in first-quarter capex as investors await contract ramps and Starship updates. Space Exploration Technologies (SPCX - Free Report) , better known as SpaceX, will report second-quarter earnings tomorrow after the market closes. While Wall Street expects another quarter of strong revenue growth, investors will be looking beyond the headline numbers. The bigger question is whether Starlink's growing cash flows can continue funding the company's ambitious investments in AI infrastructure and Starship.
This will be SpaceX’s first quarterly report as a public company since its blockbuster IPO in June, when shares were priced at $135 and quickly ran up to $225.64. The stock has since cooled off considerably, trading around $108, roughly 52% below that peak.
Earnings WhispersThe Zacks Consensus Estimate for SpaceX’s second-quarter revenues is pegged at $6.72 billion, implying a sharp jump from $4.69 billion in the first quarter of 2026. However, profitability remains elusive, with the consensus estimate calling for a loss of 26 cents per share.
Our proven model does not predict an earnings beat for SpaceX for the second quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. This is not the case here. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
SpaceX currently has an Earnings ESP of -13.45% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Image Source: Zacks Investment Research
SpaceX now reports results across three distinct businesses— Space, Connectivity, and AI — and each tells a very different story. Connectivity, led by Starlink, is the company's only consistently profitable segment. AI is growing rapidly but consuming enormous amounts of capital, while the Space business continues to require heavy investment as Starship development advances.
AI: The Expensive BetThe AI segment, built around the company's February merger with xAI, is both the fastest-growing part of the business and its biggest drag on profitability. In the first quarter of 2026, it generated $818 million in revenues but incurred a $2.46 billion operating loss and negative adjusted EBITDA of $609 million. Capital spending told an even more dramatic story– $7.7 billion poured into the AI segment alone in a single quarter, dwarfing the $1.05 billion spent on Space and $1.33 billion on Connectivity.
That spending is chasing large contracts. SpaceX has agreements to rent AI data center capacity to both Anthropic (worth $1.25 billion a month through May 2029, which began ramping in May and June) and Alphabet's (GOOGL - Free Report) Google ($920 million a month, not yet started).
Investors will be looking for updates on additional customer wins, progress in AI infrastructure deployment and management's long-term vision for launching AI compute satellites aboard Starship. Elon Musk has said Tesla's (TSLA - Free Report) AI chip effort will eventually be aimed at "space-based AI compute," a sign that orbital data centers are becoming a running theme across his companies.
Commentary on "Nameplate Compute Draw," which tracks installed GPU capacity, will also be closely watched as an indicator of how quickly AI capacity is expanding.
Image Source: SpaceX
Connectivity: The Profit EngineIf AI is the expensive experiment, Connectivity— anchored by Starlink— is what actually pays the bills. The segment generated $3.26 billion in the first quarter of 2026 in revenues, $1.19 billion in operating income, and $2.09 billion in segment adjusted EBITDA, making it the only one of the three segments solidly in the black.
Subscriber growth will be one of the key metrics to watch. Starlink had roughly 10.3 million subscribers at the end of the first quarter of 2026, more than double the 5 million reported a year earlier.
But the number that deserves more scrutiny is average revenue per user, which fell from $86 a month to $66 a month year over year. The decline isn't a one-off. Management has said it expects ARPU to keep sliding as Starlink expands into international and lower-priced markets. The real question for the to-be-reported quarter isn't whether subscribers keep growing (they almost certainly will), but whether margin expansion elsewhere can offset the steady erosion in what each customer pays.
Space: The Original Business, Still UnprofitableThe Space segment— Falcon and Starship launches— remains the smallest and least profitable of the three, with $619 million in first-quarter revenues and a $662 million operating loss. SpaceX launched 40 Falcon rockets in the first quarter, and Starship completed its 13th flight test in July.
Investors will be watching for an update on flight 14, along with any fresh disclosure on Starship's ballooning costs— development spending has reportedly topped $15 billion to date. This segment is less about near-term profit and more about proving the long-term platform (including that AI-satellite ambition) actually works.
Guidance Could Matter More Than the QuarterPerhaps the biggest catalyst won't be the quarterly numbers themselves.
SpaceX has never issued formal financial guidance. If management provides expectations for the remainder of 2026— and maybe a glimpse into 2027—it would help investors to better evaluate the company's aggressive investment strategy.
Final ThoughtsFor now, the story is simple. Starlink funds the ambition, Starship tests the platform, and AI is the expensive bet that could define the next several years.
The central question is whether Starlink's strong profitability can continue funding the company's capital-intensive AI and Space businesses without placing excessive strain on its financials.
If the Connectivity unit continues generating robust cash flows while AI contracts ramp and Starship development progresses, investors may remain patient with near-term losses. Otherwise, rising capital expenditures and an uncertain path to profitability could continue weighing on sentiment.
Cash flow versus burn is something Bill Drolet will be closely watching in regards to SpaceX (SPCX) as the company reports its first earnings as a public company. He thinks investors might have been giving the company a bit of an "Elon Musk halo" as SpaceX finds its footing amongst traders.
SpaceX (SPCX +2.75%), the aerospace and AI company founded by Elon Musk, went public in the largest IPO in history on June 12. It initially soared from its IPO price of $135 to a record closing price of $211.39 on June 16, but now trades at about $108 per share.
However, Wall Street remains overwhelmingly bullish on SpaceX's growth potential. The dozens of analysts who cover SpaceX still have an average price target of $236.71 on the stock, with its highest target (from Raymond James' Brian Gesuale) at $800.
Those bullish estimates are based on the idea that SpaceX will expand far beyond rockets and satellites to become an artificial intelligence (AI) powerhouse. But is that outlook too optimistic?
Image source: Getty Images.
How SpaceX could evolve over the next decade SpaceX generates most of its revenue from Starlink, its satellite internet service. Starlink is also the company's only profitable business division. SpaceX's space segment, which produces its Falcon rockets, and its AI segment, which houses xAI, X, and Cursor, are both unprofitable.
In the past, SpaceX generated a slim profit as Starlink's profits offset its space division's losses. But after SpaceX expanded its AI unit (by acquiring xAI before its IPO and Cursor after its IPO), it became unprofitable as the AI segment's losses erased Starlink's profits. It will remain unprofitable as it expands its AI business through further investments and acquisitions.
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SpaceX's revenue rose 33% to $18.7 billion in 2025. At its current market cap of $1.43 trillion, it still looks expensive at 76 times its trailing sales. However, Elon Musk claims SpaceX could generate more than $1 trillion in revenue by 2030. Analysts, on average, expect its revenue to rise more than sevenfold to $141.6 billion by 2028. They also expect it to turn profitable in 2027 and grow its net income more than five times to $47.1 billion in 2028.
That acceleration could initially be driven by Starship, its largest rocket ever, and the expansion of Starlink, which already serves over 10.3 million subscribers. But after setting up that infrastructure, its growth could be fueled by its AI business.
SpaceX's AI business looks like a fragmented mess today. Still, it could become a cohesive one as it unifies its terrestrial data centers, solar-powered orbital data centers, and xAI's AI infrastructure and generative AI tools. If it achieves that, it would become the world's only end-to-end provider of space transportation, internet satellite, and AI infrastructure services.
If all three of those businesses grow rapidly over the next decade, then SpaceX could be cheap relative to its long-term growth potential. That's why Wall Street is still bullish on the stock.
SpaceX stock SPCX edged higher on Monday, in line with a broader market rally as investors looked ahead to the company's first quarterly earnings report as a publicly traded company.
The stock jumped about 1% in early trading.
The broader market advanced after President Donald Trump called off planned strikes against Iran, easing geopolitical tensions and sending oil prices lower on the first trading day of the month.
The Dow Jones Industrial Average rose 615 points, or 1.1%, while the S&P 500 gained 0.4% and the Nasdaq Composite advanced 0.2%.
SpaceX is scheduled to report second-quarter results after the market closes on Tuesday, marking its first earnings release since completing its June initial public offering.
Since its public debut on June 12, the stock has lost more than $500 billion in market value and has fallen more than 50% from its intraday high.
The shares are also coming off a fourth consecutive weekly decline.
The earnings release follows a closely watched reporting season for large technology companies, during which investors focused heavily on artificial intelligence spending plans and capital expenditure trends.
For SpaceX, investors are expected to focus less on quarterly results than on management's long-term outlook for its AI, satellite, and launch businesses.
The stock's valuation remains under scrutiny. With a market capitalization of about $1.4 trillion, SpaceX trades at a trailing price-to-sales ratio in the 70s while continuing to report significant losses and invest heavily in expansion.
Investor sentiment has also been weighed down by the prospect of additional share sales as rolling post-IPO lock-up restrictions begin expiring in the coming days.
AI investment remains in focusAnalysts expect SpaceX's AI business to generate $2.33 billion in revenue during the April-June quarter, according to LSEG data, representing a sharp acceleration from the previous quarter.
Revenue from the company's Starlink connectivity business is expected to reach $3.82 billion, while operating profit is forecast at $1.42 billion, up from $1.19 billion in the first quarter.
At the end of March, Starlink had 10.3 million subscribers, roughly double the level a year earlier, although average revenue per user declined nearly 25%.
SpaceX's AI expansion remained its largest area of investment. The company spent $7.72 billion on AI initiatives during the first quarter, accounting for about three-quarters of total capital expenditure.
Total capital expenditure is expected to increase to about $14 billion in the second quarter, with AI-related spending projected to rise more than sixfold from a year earlier to approximately $10 billion.
The company has signed AI computing agreements with customers, including Anthropic, Google, and Reflection AI, though investors will be looking for evidence that those investments are translating into sustainable growth.
Ahead of the earnings report, Bernstein reiterated its Outperform rating and $239 price target on SpaceX.
The firm said management's confidence in the company's long-term growth trajectory will be more important than the quarterly financial results themselves.
Bernstein identified four factors that it believes will determine SpaceX's long-term valuation: achieving rapid Starship reusability, securing sufficient semiconductor capacity, navigating regulatory approvals, and expanding AI computing capacity.
The firm's analysts said Starship's full reusability remains the cornerstone of the company's long-term investment case.
Bernstein's model assumes approximately 3,600 launches in 2031, a target it believes can only be achieved if both stages of the rocket become fully reusable.
The firm added that reaching its long-term launch assumptions would require at least daily launches, supported by a significant expansion in launch infrastructure.
SpaceX currently operates two launchpads and is adding two more, while also negotiating with state governments over the locations of an additional five or six facilities, according to Bernstein.
DENVER, Aug. 03, 2026 (GLOBE NEWSWIRE) -- (247marketnews.com) -- SpaceX (NASDAQ: SPCX) enters a pivotal week with investors focused on two catalysts that could drive significant volatility: the company's first quarterly earnings report as a public company and the beginning of a staggered insider lock-up release. With the stock under pressure since its IPO, some market participants believe shares could fall below the psychologically important $100 level if selling accelerates. That remains a possibility, not a certainty, but the combination of new share supply and heightened investor attention has made the weeks ahead particularly important.
Unlike many IPOs that feature a single 180-day "cliff" unlock, SpaceX adopted a tiered lock-up structure, meaning shares become eligible for sale in stages rather than all at once. The first significant release is expected around August 6, two trading days after the company's August 4 earnings report, when up to 911.5 million shares, approximately 20% of the early-release eligible pool, could become eligible for sale. That represents the first portion of an estimated 4.6 billion shares in the primary 180-day lock-up pool held by employees and most pre-IPO investors. Importantly, eligibility does not require holders to sell, but it substantially increases the potential supply of shares entering the market.
Additional 7% tranches are scheduled to become eligible roughly every few weeks through late October, followed by a larger release after third-quarter earnings. The remainder of the approximately 4.6 billion-share pool is expected to become eligible when the primary 180-day lock-up expires around December 8–9, 2026. By then, the publicly tradable float could increase dramatically from roughly 4–5% of outstanding shares at the IPO to approximately 40% of the company, fundamentally changing the stock's supply dynamics.
One notable exception is Elon Musk. His roughly 6.4 billion-share stake, representing more than 40% of the company, is subject to a separate 366-day lock-up that does not include early-release provisions. Based on the IPO filings, Musk's shares are expected to remain locked until approximately June 2027, meaning the near-term selling pressure is expected to come primarily from employees, former employees, venture investors, and other pre-IPO shareholders, not from the company's founder.
So far, the bears have had the upper hand. Since its public debut, SpaceX has traded well below its post-IPO highs, meaning bearish investors have benefited from the stock's decline. However, many investors also recognize that lock-up expirations are temporary supply events. Once shares become eligible for sale and those wishing to exit have largely completed their transactions, the market often shifts its focus back to company fundamentals. Whether that ultimately happens with SpaceX remains to be seen.
Another closely watched development is the continued buying activity by Cathie Wood's ARK Invest. Rather than reducing exposure during the decline, ARK has continued adding to its SpaceX position, making it one of the firm's highest-conviction holdings. While ARK's purchases do not guarantee future performance, they demonstrate that at least one prominent institutional growth investor continues to accumulate shares despite the current volatility.
Earnings may prove to be the next major catalyst. Investors are expected to focus less on historical financial results and more on management's outlook for Starlink, launch cadence, government and commercial contracts, capital expenditures, and future growth initiatives. With expectations having reset following the post-IPO pullback, management's commentary may ultimately carry more weight than the quarterly numbers themselves.
One point worth remembering is that unlock eligibility is not the same as forced selling. Some employees and early investors may choose to diversify immediately, while others may hold their shares for years. The pace at which the newly eligible shares are absorbed by the market could play an important role in determining whether the recent weakness persists or begins to stabilize.
Plus, there is Elon Musk's long history of proving skeptics wrong. Throughout Tesla's early years, the company was one of the most heavily shorted stocks in the market, yet repeated operational milestones and improving financial performance ultimately fueled one of the largest rallies in market history, inflicting substantial losses on many short sellers. While SpaceX is a different company facing its own unique risks and opportunities, some bullish investors believe that if the company delivers strong execution and meets long-term growth expectations, today's bearish sentiment could eventually resemble the skepticism that surrounded Tesla during its formative years. Past performance, however, does not guarantee future results.
For now, SpaceX remains one of the market's most closely watched growth stocks. The combination of earnings, a staggered increase in tradable shares, continued institutional interest, and a series of scheduled lock-up releases creates the potential for elevated volatility over the coming months. Whether the stock dips below $100 or finds support before then, investors will be watching closely to see whether the gradual absorption of new supply ultimately clears the way for the market to refocus on the company's long-term operating performance rather than its evolving share float.
Quick Lock-Up Timeline
August 4, 2026: Q2 earnings.August 6, 2026: Up to 911.5 million shares (20% of the early-release eligible pool) become eligible for sale.Late August–Late October: Additional 7% tranches unlock in stages.Late October/Early November: Larger release following Q3 earnings.December 8–9, 2026: Remaining shares in the primary 180-day lock-up become eligible.June 2027: Elon Musk's separate 366-day lock-up is expected to expire. Eligibility to sell does not obligate any shareholder to sell. The amount of stock actually sold will depend on individual decisions, company trading windows, and market conditions.
Sources
SpaceX IPO Registration Statement (Form S-1) and Final Prospectus (Form 424B4): https://www.sec.gov/MarketWatch – SpaceX IPO and earnings coverage: https://www.marketwatch.com/Tokenomist – SpaceX ownership and float analysis: https://tokenomist.ai/StockAlarm Pro – SpaceX lock-up schedule: https://pro.stockalarm.io/Investor's Business Daily – ARK Invest SpaceX coverage: https://www.investors.com/ About 24/7 Market News
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This press release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company's ability to grow its business and other statements that are not historical facts, including statements which may be accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Actual results could differ materially from those described in these forward-looking statements due to a number of factors, including without limitation, the Company's ability to continue as a going concern, general economic conditions, and other risk factors detailed in the Company's filings with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update such forward-looking statements except in accordance with applicable law.
On Thursday, employees and other insiders at Elon Musk's rocket company will be released from their first stock “lockup” and can start selling some of their shares.
Although it is undeniably highly anticipated, the Tuesday, August 4 SpaceX (NASDAQ: SPCX) earnings report remains something of a black box in terms of what investors can expect.
To begin with, Elon Musk’s newer public company has, as multiple analysts noted, been undergoing a business transformation during the second quarter (Q2) in a series of moves arguably bringing it closer to the artificial intelligence (AI)-heavy vision outlined in the S–1.
Specifically, compute agreements with Anthropic and Google’s parent company, Alphabet (NASDAQ: GOOGL), are poised to bring in roughly $2 billion per month in additional revenue, though the overall Q2 impact will be more limited.
Still, analysts are expecting strong growth in sales from slightly under $5 billion in Q1 up to nearly $7 billion for the period ended June 30. They do, however, also anticipate SpaceX remaining an unprofitable company for the time being.
Is SpaceX stock a good investment ahead of Q2 earnings report? Overall, the fact that SpaceX is set to report its first-ever quarterly earnings report after its initial public offering (IPO), paired with SPCX shares’ performance in the stock market, raises the question of whether it is time to buy the equity.
Notably, the 33.80% drop to $106.20 in the last 30 days and the 21.33% drop from the $135 IPO price both hint that an upward correction might be brewing.
SpaceX stock price one-month chart. Source: Google Given the setup, the imminent earnings appear like the final catalyst to drive SPCX shares upward after more than a month of decline, though other factors still paint it as a dubious investment.
Only a significantly larger-than-expected earnings beat can begin to diminish the gaping divide between company financials and its valuation – a factor that represents a major long-term risk for shareholders.
In the more short-term, the Q2 filing will also usher in the first batch of insider SpaceX stock unlocks, meaning that SPCX will be facing significant selling pressure almost immediately after beginning its next rally.
This, the equity of Elon Musk’s newer public company is likely to remain, at best, a ‘Hold’ for the foreseeable future, even if the Tuesday filing provides sufficient tailwinds for a rally.
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SpaceX's first earnings report since its record-breaking IPO will provide an early gauge of whether Starlink's profits can sustain the company's rapidly growing spending on AI and space ventures.
Governance Critics Not Looking at DataShah then said that he did not think SpaceX’s recent decline had to do with governance issues, but rather the market “reevaluating general views on AI.” He also pointed out that there was “no clear direct evidence that chairman-CEO separation always leads to better performance.”
The analyst said that “overly simplistic” views like “dual-class shareholder structure is bad,” while “chairman-CEO separation is good” could result in investors losing money and making “bad investment decisions.” He then said that when investing in AI companies, he sees the enterprise’s interaction with the government as the biggest question.
“The US went from a year ago having virtually no AI regulations to now state and federal level” regulations in place, the analyst said.
Gary Black, Peter Schiff on SpaceXPrice Action: SpaceX shares were up 0.28% at $108.66 during overnight trading.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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Space Exploration Technologies (SPCX -3.41%), better known as SpaceX, is having several firsts in 2026. The company listed its shares on a public stock exchange for the first time in June, becoming the biggest initial public offering (IPO) in history. On Tuesday of this week (Aug. 4, 2026), SpaceX will provide its first earnings update as a publicly traded company.
Every earnings report tells a story. SpaceX's second-quarter update should give investors insight into how much of the hype has been justified. Here are five numbers to watch in Tuesday's Q2 earnings report that will determine whether the company's lofty $1.4 trillion valuation makes sense.
Image source: Getty Images.
1. Total revenue versus consensus SpaceX generated roughly $4.7 billion of revenue in the first quarter of 2026. The consensus Wall Street revenue estimate for Q2 is $6.82 billion. Investors will pay close attention to how well SpaceX performs versus analysts' expectations.
However, it's possible for SpaceX to beat the consensus revenue estimate yet still disappoint investors. Wall Street predicts especially strong growth in AI compute revenue. If this number comes in below expectations, the space stock could fall even if its top-line number looks good.
2. Starlink average revenue per user SpaceX's crown jewel (at least for now) is its Starlink satellite internet service. Look for solid revenue growth from Starlink. However, the more important figure to scrutinize is the unit's average revenue per user.
In its IPO prospectus, SpaceX revealed that its average revenue per user (ARPU) for Starlink sank from around $99 per month in 2023 to roughly $66 per month in the first quarter of 2026. The company warned that Starlink ARPU will likely continue to decline over the next few years due to lower-price service plans outside North America. Too steep a decline, though, could be worrisome to Wall Street.
3. AI revenue guidance The most optimistic projections for SpaceX focus on the company's artificial intelligence (AI) unit, SpaceXAI (formerly xAI). SpaceX estimates its total addressable market at a whopping $28.5 trillion, with $26.5 trillion of that related to AI initiatives.
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As previously mentioned, Wall Street expect strong growth for SpaceXAI. The key thing to watch with the unit, though, is revenue guidance. SpaceX already announced a contract with Alphabet's (GOOG +6.88%) (GOOGL +6.73%) Google Cloud to provide compute capacity for $920 million per month. Analysts will want to see if SpaceXAI expects to land other mega-deals in the second half of 2026.
4. Connectivity segment margin SpaceX isn't profitable, but Starlink is. The company needs its connectivity segment (which Starlink anchors) to generate plenty of profits to offset the operating losses in its space and AI segments.
5. Full-year guidance SpaceX should have another first with its Q2 update. The company has never provided financial guidance before. On Tuesday, management is likely to reveal to investors how well they expect the business to perform through the end of this year.
The company's full-year guidance will be instrumental in the stock's performance following the earnings report. Importantly, SpaceX's first lockup expiration (when insiders can sell shares) is scheduled for later this week. Strong guidance could help the stock price hold up more once insiders begin selling, while weak guidance would probably contribute to a steeper decline.
The countdown is on Likely, SpaceX's first earnings update won't settle the debate about whether the company truly deserves its lofty market cap, which ranks SpaceX among the top 10 largest companies in the world. However, the five above numbers could help tilt the case toward one side or the other.
The $1.4 trillion question will get at least a partial answer after the market closes on Tuesday. The countdown is on.
Space Exploration Technologies (SPCX -3.41%) isn't part of the "Magnificent Seven" group of stocks, but its total market value of $1.48 trillion puts it ahead of components Meta Platforms (META +3.28%) and Tesla (TSLA +0.76%).
The other components, Apple (AAPL -7.35%), Nvidia (NVDA +2.93%), Alphabet (GOOG +6.88%)(GOOGL +6.73%), Microsoft (MSFT +3.02%), and Amazon (AMZN +15.32%), are the five most valuable companies in the world.
They're all tech giants, and they lead the Nasdaq-100, an index of top tech stocks that's a bellwether of market sentiment toward technology and artificial intelligence (AI).
SpaceX was officially added to the index on July 7 after the rules were changed to fast-track its addition. Since then, the S&P 500 is down 2%, the Nasdaq-100 is down 7%, and SpaceX stock is down 25%.
Image source: Getty Images.
Most of the Magnificent Seven companies have released earnings recently, with Nvidia scheduled for Aug. 26. SpaceX is on track to report on Aug. 4.
Elon Musk and SpaceX's leadership team banked on raising $75 billion in its initial public offering (IPO), but because demand was so strong, underwriters exercised their overallotment, and SpaceX raised $86 billion.
That brought the company's total value at IPO to $2 trillion, implying the market believes SpaceX belongs right up there with the world's other largest tech powerhouses.
But do the fundamentals back that up? Let's see how SpaceX stacks up next to the Magnificent Seven stocks.
Is SpaceX just getting started? The first thing to note is that SpaceX is a much smaller company by sales than the other companies on the list. Since it has a similar value, though, the obvious conclusion is that it must be much more expensive -- and it is.
CompanyTTM SalesPrice-to-Sales ratioMost Recent Quarterly Sales GrowthSpaceX$19 billion7715%Apple$451 billion1116%Nvidia$253 billion1985%Alphabet$446 billion924%Microsoft$318 billion1118%Amazon$743 billion320%Meta$215 billion628%Tesla$104 billion1126% Data sources: Company filings, YCharts, Yahoo Finance. Growth is year over year. TTM = trailing-12-month.
SpaceX trades at a wildly high valuation, but it's not growing faster than its large counterparts. Investors believe, though, that SpaceX represents the future and that it has massive growth and earnings potential. Goldman Sachs analysts expect AI revenue to increase 100-fold by 2030, and Morgan Stanley analysts forecast $3.4 trillion in SpaceX revenue by 2040.
Wall Street expects $39 billion in 2026 sales and $73 billion next year, which implies an 87% increase, similar to Nvidia's recent growth rates.
Cash spend and profits SpaceX is also losing money at this stage, while all of the other Magnificent Seven stocks are profitable. Although the Starlink satellite broadband business is posting positive net income, total net loss in the 2026 first quarter was more than $4 billion.
I would note that Elon Musk's other public company, Tesla, was also unprofitable for a long time, so he does have a track record of achieving profitability from a money-losing start.
Wall Street is already expecting a profit for the third quarter, with an average analyst consensus earnings-per-share (EPS) target of $0.08. It expects a $0.55 loss per share for the full year, followed by positive EPS of around $0.65 in 2027.
Long-term opportunity in AI Since its acquisition of xAI earlier this year, SpaceX has three businesses: rocket launching, Starlink satellite broadband, and AI. Many investors are excited about the space aspect of the company's business, but the company sees its biggest opportunities in AI.
SpaceX pegs its addressable market at $28.5 trillion, with $26.5 trillion in AI. It recently acquired the fast-growing AI coding company Cursor, which should add a significant revenue stream to the company's total. Investors should find out exactly how much in the quarterly update on Aug. 4.
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However, most of the "Magnificent Seven" stocks have similar AI opportunities, so SpaceX doesn't stand out in that regard. They each have their own take on it, with Apple's being the iPhone and devices, and Nvidia's being the chips and hardware that power AI development. On that score, SpaceX might be competitive, but it's too early to say.
Its large language model (LLM), Grok, is widely used, but popular rivals include OpenAI's ChatGPT, Alphabet's Gemini, and Anthropic's Claude.
There are ways SpaceX stacks up well against the Magnificent Seven, but one reason the others are so magnificent is that they've proven themselves over time. SpaceX falls short there, and the market will evaluate it over time. If it doesn't meet the bar, it will eventually fade way back behind the tech giants.
ChatGPT has projected that SpaceX (NASDAQ: SPCX) could rise to $128 after its August 4 earnings report, implying upside of about 18% from current levels.
The AI model also forecasts the stock could trade between $135 and $145 by the end of August if the company delivers solid results and avoids major negative surprises.
The forecast comes ahead of SpaceX’s first quarterly earnings release as a public company, a key event that could determine whether the stock can recover from its post-IPO slump.
According to the analysis, the most likely outcome is a modest rally supported by Starlink growth, improving sentiment, and lowered investor expectations following recent weakness.
ChatGPT’s base case assumes SpaceX meets revenue expectations while continuing to invest heavily in AI infrastructure and Starship development.
Under that scenario, shares could trade between $105 and $125 immediately after earnings before moving toward the $128 target by August 11.
In a more bullish outcome, stronger-than-expected revenue, accelerating Starlink subscriber growth, positive guidance, and signs of improving returns from AI investments could push the stock into a range of $130 to $150.
SpaceX stock price prediction. Source: ChatGPT Conversely, a revenue miss, weaker guidance, or larger-than-expected losses could send shares down to between $80 and $100.
Notably, the earnings report will provide investors with their first detailed look at SpaceX’s financial performance since its June 2026 public listing.
SpaceX earnings expectations However, Wall Street expectations remain unusually wide, reflecting uncertainty around the company’s valuation and long-term growth prospects.
Analysts currently forecast earnings per share ranging from a loss of $1.26 to a profit of $0.33, while full-year revenue estimates generally fall between $34 billion and $43 billion.
Much of the focus will be on Starlink, which is expected to remain the company’s primary profit driver.
Analysts project Connectivity segment operating margins of about 35.9%, while third-quarter Connectivity revenue is expected to exceed $4.7 billion, representing growth of more than 50% year-over-year.
Investors will also be watching AI infrastructure spending, launch business profitability, and management’s outlook for the second half of 2026.
SpaceX post-IPO struggles SpaceX shares have struggled since reaching post-IPO highs as investors reassessed the company’s valuation. The company briefly surpassed a $2 trillion market capitalization after listing, but some valuation experts have argued that its fundamentals do not yet support those levels.
SpaceX has also been pressured by weakness across AI-related stocks and concerns over an upcoming lockup expiration that could add billions of dollars worth of shares to the market.
Despite those risks, ChatGPT remains constructive on the stock. The analysis points to continued Starlink growth, a recent $1.6 billion U.S. Space Force contract, and lower investor expectations following the stock’s decline, factors that could help SpaceX exceed market forecasts.
SpaceX (SPCX) will deliver its first public earnings report, with focus on Starlink growth, Starship timeline, and capital spending. SPCX shares have fallen over 50% from peak and are 20% below the IPO price, with supply risks largely priced in according to bullish Wall Street targets.
