By Space Exploration Technologies Corp. (SPCX) shares traded higher on Thursday, extending the previous session’s rally as investors focused on the company’s busy launch schedule and plans for the next Starship test flight.
SpaceX successfully launched its USSF-259 mission on Wednesday aboard a Falcon 9 from Space Launch Complex 4E in California.
The rocket’s booster landed on a droneship following liftoff.
The company has several additional missions scheduled, including a Starlink launch on September 19-20 and the USSF-385 mission on September 26.
Starship plans add to SpaceX momentum
SpaceX announced Thursday that it had rescheduled the 14th test flight of Starship to as early as September 28, subject to regulatory approval.
According to the company’s release, the initial orbital mission is expected to reach approximately 275 kilometres above Earth and complete about six orbits during a nearly 10-hour flight.
The mission is expected to end with a splashdown in the Pacific Ocean west of Chile.
The launch schedule has added to investor attention around SpaceX’s space business.
Wednesday’s rally also followed comments from Cathie Wood, who suggested a single Starship mission could eventually be worth close to $1 billion if the vehicle reaches a target of 10,000 flights annually by 2030.
Air Force Secretary Troy Meink also recently discussed the presence of weapons already positioned in orbit as part of broader developments involving space-based capabilities.
The comments were not specific to SpaceX but added to the broader backdrop for the space industry.
SpaceX combines launch, connectivity and AI
Seeking Alpha analyst Danil Sereda noted that the stock was trading about 41% above its August lows following the company’s earnings results.
He said SpaceX’s business could be viewed across three main areas: launch, connectivity and AI.
The launch business includes Falcon 9, Starship V3 and Starshield. The connectivity business is led by Starlink, while the AI operations include xAI, Grok and terrestrial and orbital compute.
Sereda highlighted the capital requirements associated with the launch and AI businesses.
He said the launch unit generated $962 million in second-quarter 2026 revenue, up 29% year over year, but recorded an operating loss of $542 million.
The AI business generated $2.56 billion in revenue but recorded a $1.26 billion operating loss, Sereda noted.
Starlink remains key to SpaceX outlook
Starlink is the largest profitable component highlighted by the analyst.
The segment’s revenue increased 66% year over year to $4.29 billion in the second quarter, while its EBITDA margin reached 60.5%.
SpaceX added 1.7 million net subscribers during the quarter.
Average revenue per user declined from $99 a month to $66, although the figure stabilised on a quarter-over-quarter basis.
Sereda said Starlink’s growth and operating leverage distinguish it from SpaceX’s more capital-intensive launch and AI businesses.
Starlink operated more than 10,200 low-Earth-orbit satellites across 167 markets and had 12 million active users as of the second quarter.
SpaceX’s latest launch activity and Starship plans therefore continue to draw attention, while investors assess the different growth and capital requirements across its launch, connectivity, and AI operations.
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