SpaceX shares went up in premarket trading on Wednesday, bouncing back after some investors took profits. The stock moved back above its original offer price.
The stock rose about 1%, making up for nearly a 4% drop on Tuesday, when it closed just under its original offer price.
This rebound came after SpaceX launched 24 Starlink satellites into low-Earth orbit from Vandenberg Space Force Base on Tuesday night. It was the company’s 51st West Coast mission this year.
Although many focus on SpaceX’s AI projects, Starlink is still the main source of the company’s revenue, making up nearly 70% of the total. Second-quarter earnings released last week showed the satellite business brought in $4.29 billion for the three months ending June 30, 2026. In comparison, the company’s AI computing and next-generation Starship divisions had operating losses, since $15.8 billion in capital spending during the quarter went to building orbital data infrastructure and expanding new AI models.
Even though Starlink is strong, the stock has dropped more than 30% since hitting a record high in mid-June. This decline happened as the first share lockup period was set to end on Thursday. Many expected heavy selling, but that did not happen. Now, investors are watching the next lockup expiration on August 20 and may adjust their positions before then.
