Is SpaceX Stock a Buy at a Record High?

SpaceX (NASDAQ: SPCX) gained 7.6% on October 5 to close trading at $171, its highest level since July. The gains come on the back of bullish macro data, including softer-than-expected jobs data and a bullish note by Morgan Stanley.

However, amid aggressive buying pressure for two straight days, investors question whether it is still the right time to buy SpaceX shares and whether the uptrend is sustainable.

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Morgan Stanley, Bullish US Economic Data Fuel SPCX Gains

SpaceX stock price is now up by 14% in just two trading days. One of the main triggers of this gain is the US nonfarm payrolls data released last week that revealed that US job growth slowed more than expected.

The soft data reduced the odds of the Fed hiking interest rates to 20%, per data from CoinGape prediction markets. A dovish Fed is usually bullish for risk assets such as SpaceX stock.

Prior to the jobs data release, the US PCE inflation also fell to 3.3%, which was also lower than expectations, further making a bullish case for SPCX.

Morgan Stanley is also behind the recent SpaceX stock rally after the investment firm reiterated an overweight rating on the stock and a $300 price target, as earlier reported by CoinGape.

Morgan Stanley analyst Adam Jobas notes that some factors that could fuel more gains for the shares include Q3 earnings results, the upcoming Starship flights, and Grok upgrades.

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Is SPCX Stock Still a Buy?

Despite SpaceX shares rallying to a three-month high of $171, bullish catalysts lie ahead that suggest the stock is still a buy.

Tesla will release its earnings for Q3 2026 on October 21, and the earnings could be bullish for SpaceX stock if they surpass estimates.

Last week, Tesla reported Q3 deliveries of 486,532 that beat the Wall Street estimate of between 457,000 and 463,000. Those results fuelled slight gains for SpaceX shares.

SpaceX, which beat Wall Street estimates in its Q2 earnings, will also release its earnings for Q3 2026 in early November.

SpaceX is set to launch Starship test flight 15 before the end of Q4 2026, with this launch coming shortly after the company’s first orbital flight.

The October 28 Federal Reserve Open Market Committee (FOMC) meeting could also fuel more gains for the shares in Q4 if the Fed appears dovish.

While these three factors suggest SpaceX stock remains a buy, two upcoming unlocks on October 9 and October 24 could derail the rally. 328 million SpaceX shares will become eligible for sale for the first time on these two dates.

SpaceX Stock Extends Gains in Pre-Market Trading as Bulls Target $192

SpaceX stock price is up by 1.3% in pre-market trading today, October 6.

The RSI at 68 shows strong bullish momentum. The ADX line that is tipping north also shows that the uptrend remains strong.

The stock has also moved above the resistance at $171.74 and needs to close above it to confirm another bullish leg to $192.

On the downside, profit-taking could push SpaceX stock price lower to test the support at $158. A breakdown of this support could push the shares to the June low of $152.