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SpaceX stock rises after Musk flags potential AI-driven revenue
Shares closed up 9.7% on Aug. 12 at $146.15, and the stock has rebounded 39% since its Aug. 6 record low amid improved sentiment around AI revenue prospects.
SpaceX shares extended their recovery on Wednesday, Aug. 12, rising 9.65% to close at $146.15, their highest level since July 9, according to Yahoo Finance. The rally followed comments from Elon Musk emphasizing the growing role of artificial intelligence in the company’s revenue outlook.
Yahoo Finance reports that after an internal company meeting recording was released, Musk told employees that revenue tied to AI could exceed all other SpaceX revenue sources as early as September. He characterized AI as “extremely important” to the company’s future, reinforcing expectations that AI-related activities could become a larger part of SpaceX’s growth strategy.
The stock’s momentum comes after SpaceX navigated the expiration of its first post-IPO lock-up period on Aug. 6, without the level of selling pressure some investors had feared. Yahoo Finance says the lock-up expiration made about 911.5 million shares held by employees and executives eligible for sale, potentially increasing the supply of stock.
Despite the rebound, the shares remain about 41% below their record high near $226 reached in mid-June after the IPO, Yahoo Finance reports. Analysts remain positive, with an average buy recommendation and a reported average price target of $231.40, implying potential upside of about 58.3% versus the Wednesday close.