SpaceX's SPCX shares, which opened at $135 following the June 2026 IPO at a $1.77 trillion valuation and peaked near $225 before pulling back, have traded in the $148–150 range through late September amid heavy AI infrastructure spending. Q2 revenue surged 92% year-over-year to $7.8 billion, driven by Starlink subscriber doubling and new compute leasing deals with Anthropic and Google, though a $541 million net loss and $18.4 billion quarterly capex reflect ongoing investment intensity. Multiple lock-up expirations and elevated multiples—around 66x trailing sales—create supply pressure, while Morgan Stanley's $300 target and Starship Flight 14 test scheduled for late September represent near-term swing factors for trader-implied odds on September price thresholds.