Elon Musk Supports Bullish Outlook for SpaceX Ahead of Earnings Report
On August 3, Elon Musk endorsed a bullish outlook for SpaceX (SPCX), responding positively to an investor's prediction that buying the stock at current levels could be seen as a significant opportunity in hindsight. This came just before SpaceX was set to report its first quarterly earnings since going public on June 12 with one of history’s largest IPOs, raising $75 billion and achieving a valuation of around $1.75 trillion. Since the listing, SPCX shares have fallen more than 40% from their post-IPO highs as investors took profits ahead of earnings. Despite this decline, Musk's support suggests confidence in SpaceX’s long-term potential beyond short-term volatility. The company has also drawn attention for holding a large Bitcoin reserve and attracting speculative interest on crypto exchanges like Hyperliquid. Analysts expect second-quarter revenue to reach about $6.83 billion with a loss of $0.23 per share, while the stock currently trades at around $111.66—up 3% for the day but down nearly 30% over the past month.
Tickers: $SPCX
Topics: Elon Musk IPO performance SpaceX stock outlook