SpaceX (SPCX) shares soared 8.08% during intraday trading on Monday, extending the powerful momentum from its historic market debut last week.
The surge was fueled by founder and CEO Elon Musk's ambitious projection, made over the weekend, that the aerospace and AI company could generate approximately $1 trillion in annual revenue by 2030. This forecast significantly outpaces Wall Street analysts' expectations and has amplified investor optimism about the company's long-term growth trajectory in space, connectivity, and artificial intelligence.
Adding to the bullish sentiment were announcements of substantial investments from high-profile backers. Australian mining tycoon Gina Rinehart, via Hancock Prospecting, acquired a stake valued at over $1 billion in the IPO, while veteran investor Ron Baron purchased $1 billion worth of shares, lifting his total stake to approximately $25 billion. These moves validate strong institutional confidence in SpaceX's future.
The combined effect of Musk's visionary target and the vote of confidence from major strategic investors propelled the stock higher during the session, building on the record-breaking enthusiasm from its initial public offering.
