SpaceX Stock Surges 16% to Close Out a Wild Week of Trading

SpaceX shares are still well off the record high hit shortly after the mid-June IPO.Credit: Spencer Platt / Getty ImagesKey TakeawaysSpaceX shares surged Friday, bringing them closer to their IPO price of $135.The stock took a hit after the company’s earnings report earlier this week amid concerns about management’s vision for AI spending. Shares of SpaceX climbed Friday, locking down a powerful weekly performance. SpaceX (SPCX) stock finished the day up 16% recently to just over $133, $128, not far off their mid-June IPO price of $135 per share. (They haven’t closed above that level since mid-July.) They finished the week up 23%, a conclusion that was far from foregone just a few days earlier. Investors bid the shares higher ahead of SpaceX’s first-ever quarterly earnings report as a public company, reported Tuesday night, but they dropped them after management’s vision for AI spending looked more aggressive than some hoped for. Worries that the expiration of lock-up agreements that freed up millions of shares for trading have also weighed on the shares. But stocks rose today, lifted by optimism—fueled by the July jobs report that landed this morning—that the Fed may not need to raise interest rates soon.That pulled the Nasdaq Composite substantially higher, and boosted some risk assets: The Roundhill Magnificent 7 ETF (MAGS) rose 0.7%, while the PHLX index of chip stocks, or SOX, was up 2.6%. This article has been updated since it was first published to reflect the close of Friday’s trading.