SpaceX (SPCX) shares, trading near $148–149 after closing at $145.47 on September 28, reflect momentum from Q2 2026 results that showed 92% revenue growth to $7.8 billion, led by Starlink’s $4.3 billion contribution and AI infrastructure contracts. Strong adjusted EBITDA expansion to $3.5 billion supports trader focus on connectivity and compute growth, though heavy capital spending—$18.4 billion in the quarter, concentrated in AI—sustains operating losses outside Starlink and pressures free cash flow. The June IPO at $135 and subsequent $25 billion bond issuance have bolstered liquidity amid elevated valuation multiples near 67 times sales. Key near-term catalysts include ongoing Starship V3 tests and the November 17 earnings release, which could clarify margin trends and backlog conversion.