SpaceX (SPCX) shares, which debuted via June 2026 IPO at $135 implying a $1.75 trillion valuation on roughly $18.7 billion in 2025 revenue, now trade near $140 amid post-listing volatility and early lock-up pressures. Trader focus for August centers on the first post-IPO quarterly report and associated share releases—potentially 20% of locked shares shortly after earnings—alongside Starlink subscriber and margin trends that could support or compress the elevated price-to-sales multiple. Strong Q2 revenue growth to $7.8 billion, AI-related compute deals, and a $100 billion cash position provide fundamental support, yet heavy capex and insider selling create near-term supply overhang that could cap upside absent further positive catalysts like Starship milestones or new contracts.