SpaceX SPCX shares gained 1.4% on Friday as investors weighed the rapid expansion of its Starlink satellite network, upcoming share unlocks and the company’s significant capital spending requirements.
The stock had fallen 3% on Wednesday and declined 4.1% on Thursday as another 319 million shares held by employees, early investors and other insiders became eligible for trading.
Starlink network approaches 11,000 satellites
SpaceX launched another 24 Starlink satellites from California on Tuesday, bringing the constellation closer to 11,000 spacecraft in low Earth orbit.
Tracking data from astronomer Jonathan McDowell showed around 10,979 Starlink satellites in orbit as of Aug. 19, with about 10,963 operational.
SpaceX has launched more than 12,700 Starlink satellites since 2019, although roughly 1,700 have since deorbited.
The network now represents nearly two-thirds of all active satellites orbiting Earth.
SpaceX has approval to launch between 15,000 and 19,000 Gen-1 and Gen-2 Starlink satellites by 2031.
The company has also sought approval for a next-generation constellation of up to 100,000 satellites.
CEO Elon Musk said earlier this month that the Starlink system could eventually exceed 100,000 satellites.
He has also said the space economy will be significantly larger than Goldman Sachs’ current $1.8 trillion projection for 2035.
Starlink becomes a larger revenue driver
Starlink is already a major contributor to SpaceX’s financial performance.
The company’s Connectivity segment generated $4.3 billion in revenue during the second quarter of 2026, accounting for about 55% of SpaceX’s total $7.8 billion revenue.
The segment generated $1.7 billion in operating profit, up 66% year over year.
The growth was supported by a doubling of subscribers to 12 million.
SpaceX aims for Starlink to eventually carry most of the world’s internet traffic.
The company also sees potential applications in AI infrastructure, mobile connectivity and internet services for homes, businesses and governments.
Share unlocks and spending create risks
Investors are also monitoring the impact of additional shares becoming available for trading.
The Aug. 20 unlock made up to 319 million restricted shares eligible for trading. The shares represented about 2.4% of SpaceX’s outstanding stock and could increase the company’s tradable float by around 20%.
Additional unlocks are scheduled through the rest of 2026, while Musk’s large stake remains locked until June 2027.
Meanwhile, DZ Bank analyst Markus Leistner initiated coverage with a Sell rating and a $100 price target.
The bearish view contrasts with broader Wall Street sentiment, with about 75% of analysts covering SpaceX rating the stock Buy. The average analyst price target stands near $226.
The differing views partly reflect the scale of SpaceX’s future investment requirements.
FactSet estimates SpaceX revenue could exceed $100 billion in 2027, compared with about $44 billion in 2026.
However, Wall Street projects roughly $800 billion in cumulative capital spending by the end of the decade.
Much of that spending is expected to support AI and communications infrastructure.
SpaceX currently operates about 1.4 gigawatts of computing capacity at two terrestrial data centers and aims to reach 10 gigawatts by the end of 2027.
For investors, the company’s rapid Starlink growth offers significant revenue potential, but the scale of required investment and continued share unlocks remain important factors for the stock.
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