SpaceX Q2 AI Revenue Surges 247%, But Lock-Up Expiry on Aug. 6 Pressures Stock 11% Lower

SPCX-1.98%
SpaceX's second-quarter AI revenue surged 247% on an annual basis, with the company beating Wall Street revenue expectations at $7.81 billion, up 92% year-over-year. JPMorgan raised its price target to $240 from $225 with an 'Overweight' rating, while BofA reaffirmed a 'Buy' rating with a $235 target. However, the upcoming lock-up expiry beginning Aug. 6, 2026 clouded sentiment, with Piper Sandler lowering its target to $140 and warning that tradable shares could increase by more than 140%. SPCX shares fell 11% in pre-market trading on Wednesday.
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