Elon Musk's fortune climbed back above $800 billion on Friday after SpaceX shares surged 16%, reversing much of a steep post-earnings selloff.
Key Points:
- SpaceX closed at $133.11 on Aug. 7, a 15.8% gain that capped a two-day rally worth more than $327 billion in market value.
- Musk's net worth reached $802 billion, less than two weeks after it fell below $700 billion.
- Bernstein raised its target to $248, while Raymond James held the Street's highest call at $800.
SpaceX Stock Rebound Follows Lockup Expiry
SpaceX shares closed at $133.11 on Aug. 7, a 15.8% gain that capped a two-day rally of roughly 23%. Bloomberg calculated that the two sessions added more than $327 billion in market value, pushing the stock back toward its $135 offering price for the first time since July. The rebound landed two days after the company's first post-listing lockup expired.
That expiry freed about 911 million insider shares on Aug. 6, a supply overhang several analysts had flagged as a serious downside risk for a stock already far off its highs.
Second-quarter revenue jumped 92% to $7.81 billion, well ahead of forecasts near $6.9 billion, while net losses narrowed to $541 million from about $1 billion.
Connectivity remained the largest business, contributing more than $4.2 billion as Starlink turnover nearly doubled. Capital spending still reached $18.3 billion, with the artificial intelligence segment absorbing $15.8 billion of that total.
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Analysts Raise SpaceX Targets, Westly Stays Cautious
Bernstein analyst Douglas Harned lifted his target to $248 from $239, Argus Research upgraded the stock to buy at $160, and Citi kept a buy rating with a $200 target after the AI unit's adjusted earnings beat its own estimate by nearly $1.5 billion. Raymond James analyst Brian Gesuale went furthest, holding the Street's highest target at $800.
Gesuale argues Starship can cut launch costs sharply enough to open new markets across communications, AI infrastructure, manufacturing and energy.
Consensus targets still diverge across data providers, ranging from roughly $227 to $231, which implies at least 70% upside from Friday's close. Steve Westly, a former Tesla board member, questioned publicly how fast the company can grow and how heavy its costs will run before profitability arrives.
Musk Net Worth Swings Since June IPO
Forbes valued Musk's fortune at $802 billion on Friday, less than two weeks after it slipped below $700 billion, while Bloomberg data reportedly showed a one-day gain near $96 billion.
He owns roughly 38% of SpaceX, tying his wealth tightly to daily moves in a stock that has swung wildly for seven weeks.
The volatility dates to the June listing, and it has been extreme by any measure. Shares closed at a record $201.80 on Jun. 16, when Musk's wealth peaked near $1.33 trillion, before sliding 46% to a low of $108.37 last week. Earnings-day selling on Aug. 5 alone wiped roughly $87 billion from his fortune in a single session.
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