SpaceX (SPCX) shares closed at $158.96 on October 2 after surging 7.35% on record volume, driven by three successful Falcon 9 missions in under 13 hours and Starship’s orbital progress. Traders are pricing in continued momentum from the company’s expanding AI compute leasing business, with recent Buy initiations from TD Cowen ($200 target) and others citing projected 2026 revenue growth above consensus. The stock trades at a forward P/S near 25x against trailing revenue of roughly $23 billion, reflecting market-implied expectations for sustained launch cadence and Starlink expansion. Key near-term catalysts include additional Starlink deployments scheduled for the week of October 5 and Q3 results expected in November, which could clarify capex trends and adjusted EBITDA. Lock-up expirations remain a supply overhang risk into year-end.