SpaceX Is Down 3.5% Thursday. Why Are Space Stocks Like AST SpaceMobile Under Pressure?

Space stocks are trading successful divided manner Thursday morning, and the portion tells a much nuanced communicative than the header suggests. SpaceX (NASDAQ:SPCX) is down 3.5% intraday, AST SpaceMobile (NASDAQ:ASTS) is disconnected 3%, and Intuitive Machines (NASDAQ:LUNR) is down astir 1.6% aft opening profoundly antagonistic connected earnings. Rocket Lab (NASDAQ:RKLB) is bucking the group, up 1.1%.

Intuitive Machines Earnings Set the Tone

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The catalyst driving today's chop is Intuitive Machines' Q2 report, released Thursday morning. Revenue deed a company-record $206.2 cardinal but missed the FactSet statement of $216.3 million, paired with a wider-than-expected loss. What kept the selloff shallow: $920 cardinal successful caller awards booked during the 4th and a backlog that ended astatine $1.8 billion. The banal opened sharply little and buyers stepped successful astir immediately. That intraday circular travel matters. It signals investors are treating weakness successful this radical arsenic an introduction point.

Intuitive Machines' lunar transportation enactment overlaps commercially with SpaceX's motorboat services and NASA programme exposure, truthful a brushed net study present tends to bleed into sentiment crossed the abstraction complex.

SpaceX Digests a Massive Weekly Run

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SpaceX's pullback looks similar a breather aft a beardown run. Shares are up 35% implicit the past week, powered by Wednesday's rally connected the merchandise of Grok 4.6. The xAI exemplary reportedly scored 61 connected an quality index, matching OpenAI's GPT-5.6 Sol.

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The bigger picture: AI gross astatine SpaceX grew 247% twelvemonth implicit twelvemonth to $2.56 cardinal past quarter, which is wherefore the banal progressively trades alongside AI infrastructure names alternatively than pure-play abstraction peers. Morgan Stanley has argued investors are undervaluing that AI franchise. SpaceX lone listed publically astir June 2026 astatine astir $135, truthful volatility astir the sanction is inactive uncovering its equilibrium. We covered the setup earlier this week successful our short-squeeze investigation and Elon Musk's latest internet-traffic prediction.