SpaceX shares climbed on Monday, rebounding to near the $135 initial public offering price.

The stock briefly touched this key level during morning trading. The move represents a recovery from volatility since its listing, with the lowest closing price of $108.27 recorded just days ago.

The rocket manufacturer released its first quarterly earnings report since its historic Nasdaq debut in June, exceeding revenue expectations. SpaceX reported second-quarter revenue of $7.81 billion, surpassing analyst estimates of $6.93 billion.

During the earnings call, SpaceX Chief Financial Officer Brett Johnson stated the company is on track to reach $100 billion in annualized recurring revenue by year-end. Analysts at Deutsche Bank on Monday assessed this goal as "highly achievable."

While the company's current annualized revenue from the second quarter is only $31 billion, analysts noted that the new Nebula cloud business and the acquisition of AI coding company Cursor are expected to be key drivers toward the $100 billion revenue target.

SpaceX also faced a major test last week: the first stock lock-up period expired on Thursday, making over 911 million shares held by early investors eligible for trading. This unlocked share count exceeds the 639 million shares offered in the IPO. Some analysts had previously warned that such a large unlock could exacerbate short-term stock price volatility.

Prior to the earnings release and share unlock, the nominal short interest in SpaceX had surpassed that of Musk's electric vehicle company, Tesla, which is a frequent target of short sellers on Wall Street. However, most analysts have maintained an optimistic outlook following the second-quarter results.

On Sunday, Citigroup analysts raised their earnings forecasts for 2026 and 2027, citing the sustainability of the better-than-expected second-quarter performance, and reiterated a "Buy" rating. The report stated, "Forward earnings estimates and valuation are highly dependent on the successful execution of key Starship program milestones, so we maintain our $200 price target. As major milestones are achieved on schedule, we will gradually adjust our target toward the long-term valuation range of over $900 outlined in our initiation report."

Analysts at Wolfe Research noted that while SpaceX's second-quarter results significantly exceeded expectations, investors should remain cautious. "The company's first earnings report as a public company has many highlights, but we caution investors as always not to equate management's long-term vision with the most likely actual outcomes," they said.