SpaceX stock was rising on Wednesday following a session of profit-taking after it climbed back above its offer price.

The stock was up 3.8% to $138.38. After closing Tuesday down 3.9% at $133.29. It was priced at $135 before it started trading on June 12.

SpaceX launched 24 of its Starlink satellites to low-Earth-orbit from Vandenberg Space Force Base on Tuesday night. The mission was SpaceX's 51st flight from the West Coast so far this year.

While talk of SpaceX's AI plans may steal the headlines, Starlink remains its financial engine -- accounting for almost 70% of SpaceX's total revenue.

The company's second-quarter earnings released last week showed its satellite business generated $4.29 billion for the three months ended June 30, 2026. By contrast, the AI compute and next-gen Starship hardware divisions posted operating losses as heavy capital expenditures of $15.8 billion in the quarter were poured into building orbital data infrastructure and scaling new models.

Despite the success of Starlink, the stock has suffered since its June 16 $201.80 high. It had tumbled more than 30% from that record ahead of an end to the first lockup period for shares on Thursday. But the selloff that market watchers had predicted didn't occur. The next lockup period ends on Aug. 20 and investors will positioning their portfolios ahead of that.