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SpaceX stock is on the rise again: What’s behind the rocket and AI company’s October rally?

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SpaceX stock is on the rise again: What’s behind the rocket and AI company’s October rally?

Shares of SpaceX (Nasdaq: SPCX) are having a good October so far, reaching highs not seen since June, when Elon Musk’s space and AI company made its debut on the Nasdaq.

The stock rose over 18% in the last week, closing Monday at $171.09—higher than its IPO day close of $160.95 for the first time in three months. 

Overall, SpaceX hasn’t had the most successful time on the market, so why the sudden turnaround? 

It comes down to a few things. For starters, last week was promising for SpaceX, with the company launching multiple successful missions.

It was responsible for a crewed NASA mission to the International Space Station (ISS) and launching Google’s homegrown Tensor processing units into space, where the chips will orbit Earth in a capabilities test. 

The next boost for SpaceX came on Sunday, courtesy of Morgan Stanley analyst Adam Jonas.

In a note about SpaceX’s stock, Jonas encouraged investors to take advantage of lower SpaceX share prices before the company reaches a few upcoming milestones, Yahoo Finance reports. 

Jonas explained: “We believe future AI product releases, Starship progress, and additional neocloud contracts showing continued pricing around $30-50/watt are all upside-skewed catalysts that can push the stock closer to our $300/share price target.” 

On Monday, shares of SpaceX closed 7.63% up, growing by over 1.2% more during premarket trading on Tuesday. 

Notably, SpaceX CEO Elon Musk also seems to be back on better terms with his—for lack of a better word—frenemy, President Trump.

Last Wednesday, Musk was appointed a co-lead of Project Meridian , the government’s new initiative to understand the “future of warfare.”


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