Oppenheimer Raises Outlook On Cursor Deal AI Push

SPCX closed at $149.72, up 6.4% on the session, after a broad-based rally on heavy volume.

Executive Summary

Space Exploration Technologies Corp (SPCX) had one of its strongest sessions since the June 12 IPO, gapping higher and pushing through several weeks of overhead supply to close at $149.72. The move came alongside a cluster of company-specific headlines: Zacks noted SPCX shares are up roughly 30% since the last earnings report, pointing to Q2 2026 revenue growth of 91.9% to $7.81 billion and adjusted EBITDA of $3.54 billion, driven by AI cloud services and a doubling of Starlink subscribers to 12 million. Benzinga separately reported that Oppenheimer raised its price target on the stock to $280, framing SpaceX as a credible AI/Anthropic rival following its Cursor acquisition. The Motley Fool also highlighted Nvidia's reported $21 billion stake in SpaceX, acquired via its earlier xAI investment converted into SpaceX shares post-IPO — though that same piece flagged the company's negative free cash flow of $16 billion in Q2 2026 as an offsetting risk.

Volume ran well above the prior session's level, consistent with a news-driven repricing rather than a low-conviction drift. The close near the top of the day's range points to buyers being in control into the bell, though the session's own high was not held.

News

1. 1 Monster Space Stock I'm Watching This Upcoming Earnings Season

Rocket Lab, a developer of reusable orbital rockets and satellite components, has surged from $11.58 at its 2021 SPAC debut to around $64. The company generates 70%+ revenue from space systems and is acquiring Iridium for $8 billion. Analysts project 43% revenue CAGR through 2028, with positive EBITDA expected by 2027. Despite a 27x forward sales valuation, the stock offers a smaller alternative to SpaceX in the growing space sector. (The Motley Fool, Sep 3, 3:05 PM ET)

2. Anthropic Is Reportedly Gearing Up for an IPO This Year That Could Be Bigger Than SpaceX. 3 Things Investors Should Know.

Anthropic, maker of Claude LLM, is preparing for an IPO potentially as soon as September or October 2026, aiming to raise up to $100 billion at a $2 trillion valuation—potentially exceeding SpaceX's record IPO. The company reportedly doubled Q2 revenue to $11.6 billion with positive adjusted operating income, and investors believe annualized revenue could reach $120 billion by year-end. As the first pure-play LLM company to go public, Anthropic's financial disclosures will provide unprecedented insight into the LLM business model, though investors remain skeptical about its $30 trillion TAM claim and competitive moat amid numerous alternative LLM options. (The Motley Fool, Sep 3, 2:29 PM ET)

3. Wall Street Rallies as Fed’s Waller Hints at September Rate Hold: Stock Market Today

Stocks rallied and Treasury yields retreated from three-year highs after Fed Governor Waller signaled he could back a rate hold, sending bitcoin above $80,000. (Benzinga, Sep 3, 1:47 PM ET)

4. Why Is SpaceX (SPCX) Up 30% Since Last Earnings Report?

SpaceX reported Q2 2026 earnings that beat estimates with a narrower loss of 9 cents per share versus 26 cents expected. Revenue surged 91.9% to $7.81 billion, driven by AI cloud services and Starlink expansion which doubled to 12 million subscribers. The company posted adjusted EBITDA of $3.54 billion and targets over $100 billion in annualized revenue run rate by year-end, though high capital expenditures of $18.37 billion and segment losses in Space operations remain concerns. (Zacks Investment Research, Sep 3, 11:30 AM ET)

5. 'User Reports Indicate Problems At OpenAI, Claude, Grok, Cursor For Users In The U.S.' - DownDetector

(Benzinga, Sep 3, 11:02 AM ET)

6. A Guide to Space ETF Investment

The global space economy reached $686 billion in 2025 with commercial activity driving growth, and is projected to surpass $1 trillion by 2032. While individual space stocks carry significant risks including capital intensity, launch delays, and regulatory complexities, space ETFs offer diversified exposure across the space value chain. Several ETFs are highlighted as investment options for capturing long-term growth in this emerging sector. (Zacks Investment Research, Sep 3, 8:23 AM ET)

7. 75% of Nvidia's $63 Billion Investment Portfolio Has Been Put to Work in Just 2 Game-Changing AI Stocks

Nvidia has deployed 75% of its $63.4 billion investment portfolio into two major positions: a $30 billion stake in Intel (acquired for $5 billion in December 2025) and a $21 billion stake in SpaceX (via xAI investment converted to SpaceX shares after its June 2026 IPO). While the Intel investment appears secure with strong collaboration potential, the SpaceX position carries significant risk due to the company's negative free cash flow of $16 billion in Q2 2026 and ongoing losses despite its premium valuation. (The Motley Fool, Sep 3, 7:06 AM ET)

8. Ross Gerber Points to SpaceX to Explain Why He Finds Bitcoin Price Predictions 'One of the Funnier Ideas'

Well-known investor Ross Gerber highlighted fundamental differences in how public stocks like Space Exploration Technologies Corp. are valued compared with Bitcoin. (Benzinga, Sep 3, 7:01 AM ET)

Price Action

Metric	Value
Open	$141.39
High	$152.30
Low	$141.05
Close	$149.72
Change vs prior close	+6.4% ($140.71 → $149.72)
Volume	114,457,648
Intraday range	$11.25 ($141.05 – $152.30)
Close vs IPO	-6.98% vs IPO-day close ($160.95); +10.9% vs IPO offer price ($135.00)

SPCX opened at $141.39, essentially flat to the prior close of $140.71, then pushed steadily higher through the session to a high of $152.30 before settling back to close at $149.72. Volume of 114,457,648 shares was more than double the prior session's 49,958,258 and above the 97,442,962 average volume to date, indicating meaningfully heavier-than-typical participation. The stock remains below both its first-day close of $160.95 and its all-time closing high of $201.80 (June 16), but it is now well above the $135.00 IPO offer price.

A high-volume, wide-range up day that reclaimed several weeks of lost ground without yet retesting the June highs.

Technicals

SPCX has traded for roughly 58 sessions since its June 12, 2026 IPO. That is enough history to compute RSI-14 and moving averages out through the 50-day, but the 200-day moving average is not yet available (insufficient bars), and even the available readings are drawn from a short, single-regime sample — they should be read alongside price structure and volume rather than as fully mature trend confirmation.

Trend

Close ($149.72) is above every available moving average: SMA-5 ($143.57), EMA-5 ($144.06), SMA-10 ($140.83), SMA-20 ($140.20), and SMA-50 ($136.08). That stacking — price above SMA-5 above SMA-10 above SMA-20 above SMA-50 — is a short-term bullish alignment following weeks of drift lower from the June highs into late August.

Candle read

Today's candle has a body of $8.33 (open $141.39 to close $149.72, close above open — bullish body), a small lower wick of $0.34 (open sat just above the $141.05 low), and a larger upper wick of $2.58 (high of $152.30 versus the $149.72 close). Close location is 0.77, meaning the close sits in the upper quartile of the day's $11.25 range. The combination — a long green body, minimal lower wick, and a moderate upper wick — reads as sustained buying from the open with some profit-taking or supply into the $152 area that kept the close off the day's high.

Support levels

• $140.71–$141.39: today's open and the prior close, reinforced by SMA-10 ($140.83) and SMA-20 ($140.20) sitting in the same band.
• $136.08: the SMA-50, the lowest of the available moving averages.
• $135.00: the IPO offer price, a round-number level with psychological and structural significance.

Resistance levels

• $150.00: round-number level the stock approached but closed just under.
• $152.30: today's intraday high.
• $160.95: the June 12 IPO-day close, the next major level above.

Momentum interpretation

RSI-14 stands at 60.28 — elevated but not in overbought territory (typically 70+), leaving room for continuation without an immediate overbought signal.

• Bull scenario: SPCX holds above the $140.71–$141.39 support cluster and SMA-10/SMA-20, then clears $150.00 and today's $152.30 high on continued volume, opening a path back toward the $160.95 IPO-day close.
• Bear scenario: SPCX fails to hold today's gains, slips back below the $140.71–$141.39 / SMA-10 / SMA-20 cluster, and RSI-14 rolls back toward 50, pointing to a retest of the SMA-50 near $136.08.
• Neutral scenario: Price consolidates between the $140.71–$141.39 support zone and the $150.00–$152.30 resistance zone as the market digests today's move before committing to a direction.

Trading Takeaway

Today's session was a decisive, high-volume reversal of the drift that had pulled SPCX down toward the $135–140 zone through August, coinciding with earnings-related and AI-infrastructure headlines. The close above every available moving average and RSI-14 at 60.28 both favor near-term bullish momentum, but the failure to hold the $152.30 intraday high and the close below the $150.00 round number show resistance is present just above current levels. For the next session, the levels to watch are $150.00 and $152.30 on the upside for confirmation of continuation, and the $140.71–$141.39 cluster on the downside as the level that would undercut today's bullish structure.

Sources

1. 1 Monster Space Stock I'm Watching This Upcoming Earnings Season — The Motley Fool
2. Anthropic Is Reportedly Gearing Up for an IPO This Year That Could Be Bigger Than SpaceX. 3 Things Investors Should Know. — The Motley Fool
3. Wall Street Rallies as Fed's Waller Hints at September Rate Hold: Stock Market Today — Benzinga
4. Why Is SpaceX (SPCX) Up 30% Since Last Earnings Report? — Zacks Investment Research
5. 'User Reports Indicate Problems At OpenAI, Claude, Grok, Cursor For Users In The U.S.' - DownDetector — Benzinga
6. A Guide to Space ETF Investment — Zacks Investment Research
7. 75% of Nvidia's $63 Billion Investment Portfolio Has Been Put to Work in Just 2 Game-Changing AI Stocks — The Motley Fool
8. Ross Gerber Points to SpaceX to Explain Why He Finds Bitcoin Price Predictions 'One of the Funnier Ideas' — Benzinga
9. SpaceX Was 'Nowhere' in AI 6 Months Ago — Now It's an Anthropic Rival After the $60 Billion Cursor Deal, Says Oppenheimer — Benzinga
10. Ro Khanna Takes Aim at Trump's AI Data Center Push — Wants Congress to Block Projects in Residential Communities and Cut Off Flock Camera Funding — Benzinga
11. Intuitive Machines Has 7 NASA Missions on the Manifest. Is the Stock Finally Worth Owning? — The Motley Fool
12. If You'd Put $500 Into SpaceX the Day It Went Public, Here's What You'd Have Today — The Motley Fool
13. Trump Administration Warns SpaceX Over Macron's Space Summit as Europe Pushes for More Independence: Report — Benzinga
14. Why Broadcom CEO Hock Tan Called Anthropic and OpenAI 'Two Geniuses in the Middle of Mongolia' — Benzinga
15. Alpaca Markets (SIP) — market data

Disclaimer

This report is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Market data and figures are sourced as cited above and may be incomplete or delayed. Readers should verify all data independently and consult a qualified financial advisor before making investment decisions.