SpaceX (SPCX) shares, which debuted via IPO in June 2026 near $135 at an implied $1.75–1.8 trillion valuation, recently traded around $156–157 with a roughly $2.1 trillion market cap amid strong momentum from operational milestones. Q2 revenue surged 92% year-over-year to $7.8 billion, fueled by Starlink expansion and new AI compute contracts now entering full-rate billing phases worth billions in annualized revenue, while enterprise and government segments grew over 100%. Traders are pricing in continued execution on Starship reusability and defense contracts exceeding $8 billion, though trailing P/S multiples near 90x highlight sensitivity to sustained triple-digit growth and free-cash-flow improvement. Key near-term catalysts include the November 17 earnings release and further launch cadence, with analyst consensus targets clustered near $230.