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SpaceX (SPCX) stock went ballistic after its public debut on June 12, with the company briefly touching a $3 trillion valuation in mid-June. The euphoria was short-lived, however, and a deep correction ensued. SPCX stock currently trades 42% below its all-time high.
That said, SPCX stock has likely bottomed out. One reason for this view is the company’s recent second-quarter results, which beat revenue and earnings estimates. SpaceX reported revenue of $7.8 billion, which was higher by 92% on a year-over-year (YOY) basis. For the same period, adjusted EBITDA swelled 191% YOY to $3.5 billion.
