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Space stocks surge after Argus upgrade lifts sentiment
SpaceX rose 11% to $127.49 intraday, while the broader group climbed after a July jobs miss eased Fed rate-hike expectations.
Space shares rallied across the board in midday trading on Friday, led by SpaceX after Wall Street turned more constructive following a recent pullback. Yahoo Finance reports SpaceX climbed 11% to $127.49, extending a reversal after the stock had traded as low as $114.56 earlier in the session, with intraday volume topping 107 million shares.
The immediate trigger for SpaceX was a fresh Argus upgrade to Buy from Hold, paired with a $160 target. The analyst pointed to encouraging early payback on SpaceX’s heavy AI-infrastructure spending, citing rapid growth in computing capacity.
Other space-focused stocks followed suit, with Intuitive Machines up 9% to $16.25, Rocket Lab up 8% to $81.56, and AST SpaceMobile up 5% to $70.68. Virgin Galactic gained 6% to $3.12, while Planet Labs rose 5% to $23.86.
Yahoo Finance also linked the sector’s rebound to a broader macro shift after a surprise July jobs miss reduced expectations for Fed rate hikes. Despite the surge, SpaceX was still down 15% over the past month, with the stock’s capital intensity and newly unlocked shares still viewed as potential limits on upside.