SpaceX (SPCX) shares trade near $148 with a roughly $2 trillion market capitalization following its June 2026 IPO at $135, after peaking above $225 amid post-listing volatility and a 4-5% public float. Q2 results showed 92% revenue growth to $7.8 billion and adjusted EBITDA nearly tripling to $3.5 billion, fueled by Starlink subscriber gains and new AI compute contracts, though heavy capital spending on infrastructure pressured free cash flow and contributed to the valuation reset. Analyst consensus targets cluster around $220–$230, reflecting optimism on Starlink margins, orbital data centers, and Starship cost reductions, while near-term resolution hinges on any October earnings cadence, additional AI or government deals, and broader equity sentiment ahead of the month-end close.