SpaceX Stock Outlook Ahead of Tesla Earnings as JPMorgan Calls TSLA-SPCX Merger “Strategically Coherent”

SpaceX (NASDAQ: SPCX) stock price is up by 1.83% in pre-market trading today, July 20. The slight gains come ahead of Tesla’s Q2 earnings report that will be released after the market closes on July 22.

Tesla’s earnings will not only affect the price of TSLA shares but also SPCX because of talks around SpaceX and Tesla merging. JPMorgan says this merger could be “strategically coherent” for the two companies if it occurs.

Tesla Earnings in Focus Amid SpaceX Merger Speculation

Tesla earnings for the period between April and June 2026 will come out on July 22. Analysts expect the company to report revenue of $27.6 billion during the quarter, while the net income is expected to be around $1.27 billion.

The results are coming out as the market speculates that Tesla could merge with SpaceX. Per JPMorgan, such a move would be “strategically coherent on paper.”

The bank also says that Tesla and SpaceX share the same engineering talent, AI vision, and the same CEO, Elon Musk. Because of these similarities, it would be easy to bring the two companies together.

These talks around Tesla merging with SpaceX come as ARK Invest purchases $18M worth of SpaceX stock despite the recent drop to $123.

ARK Invest’s purchases also coincide with bullish calls on SpaceX stock by analysts who state that the people who are selling are overreacting.

SpaceX Stock Prediction Amid Pre-Market Gains

SpaceX stock price is up by 1.66% in pre-market trading, with the gains suggesting that some traders are buying the dip after the recent drop in the price of the shares below their IPO price of $135.

The one-hour chart shows that the shares have established support at $123. If this support holds, the stock could rise to the obstacle at $135.

But the MFI reading of 33 suggests that the momentum is favoring bears, and SpaceX stock could move below the support of $123. Such a move could see the shares move to the next psychological support of $100.

The MACD line that is negative also suggests that bears are still in control despite the gains occurring in pre-market trading.

Retail Traders Scoop $320M in SPCX Shares Amid Pentagon Deal Talks

Barchart notes that retail traders have purchased $320 million worth of SpaceX shares in July 2026.

It adds that there is currently more demand for SPC stock by retail traders than there is demand for any other stock in the US.

The rising demand from retail traders also comes amid reports that SpaceX is in talks with the US Pentagon to supply it with computing power. Reuters notes that the deal could be worth billions of dollars if it goes through.

SpaceX will also test the launch of its Starship Flight 13 on July 23. This will be the second time that SpaceX is attempting to launch this rocket after a foiled attempt on July 16.

SpaceX stock price dropped on July 16 after the launch failed, suggesting that a successful attempt on July 23 could cause gains.