US-listed space-linked stocks rise after SpaceX's strong Q3 results
SPCX•SpaceX rose more than 10% after reporting Q3 revenue of $14.6 billion, above estimates of $12.72 billion, and its first quarterly profit as a publicly traded company. Other US-listed space-linked stocks rose 2% to 5% premarket, while EchoStar gained 5.5%.
1. Space shares rally
US-listed space-linked stocks rose premarket after SpaceX reported its first quarterly profit as a publicly traded company. SpaceX shares surged more than 10% after Q3 revenue of $14.6 billion exceeded estimates of $12.72 billion, based on data compiled by LSEG.
2. Company moves
Firefly Aerospace, Rocket Lab, Intuitive Machines and Virgin Galactic rose 2% to 5%. EchoStar, which holds SpaceX shares, gained 5.5%, while Morningstar raised its fair value estimate for SpaceX to $70 from $62, citing data-center scaling above expectations.
3. Merger discussion
Elon Musk said a SpaceX-Tesla merger would be “a good idea,” and the companies formed committees to discuss it. SpaceX was up more than 9% since its June IPO, compared with a 2% gain for UFO and an approximately 4% year-to-date gain for ARKX.
