Shares of Space Exploration Technologies Corp (NASDAQ: SPCX) rose 1.21% to $152.69 on Thursday morning, driven by a major operational milestone for its Starship vehicle and a significant new contract from a key supplier.

Starship achieves first orbital payload deployment

The primary catalyst for the share movement was SpaceX’s successful launch of Starship Flight 14 from Starbase, Texas, on Monday. This mission marked the first time the vehicle reached orbit and delivered a meaningful payload, deploying 26 Starlink V3 satellites. Although the mission was classified as expended rather than recovered, the upper stage completed a controlled reentry and splashdown in the Pacific Ocean. The Super Heavy booster also completed its planned landing-burn test before splashing down in the Gulf.

Despite a Raptor engine shutting down during ascent, the vehicle maintained its trajectory. The flight lasted approximately three hours, significantly shorter than the originally planned ten-hour profile, but achieved its core objective of orbital insertion and satellite deployment.

Filtronic secures largest SpaceX contract

Adding to the positive sentiment, U.K.-based Filtronic plc announced a follow-on order from SpaceX valued at $68.1 million. This represents the largest order Filtronic has received from the space company to date. The contract covers Cerus E-band gallium nitride solid-state power amplifier units, which are critical for low-Earth-orbit satellite communications. Filtronic expects to fulfill a substantial portion of this order during fiscal 2028, reinforcing its strategic relationship with SpaceX.

Operational pace accelerates with triple-launch window

SpaceX is also targeting a rare single-day triple-launch milestone on Thursday, demonstrating increased operational cadence. The schedule includes:

• Crew-13 Mission: A Falcon 9 rocket carrying four astronauts to the International Space Station, scheduled for 11:10 am ET from Cape Canaveral.
• Transporter-18: A rideshare mission delivering 130 payloads to low-Earth orbit, targeting an 11:18 am PT window from Vandenberg Space Force Base.
• NROL-97: A Falcon Heavy launch carrying a classified payload for the National Reconnaissance Office, slated for 11:53 pm ET from Kennedy Space Center.

If all three liftoffs proceed as scheduled, SpaceX will complete three orbital launches within a 13-hour window.

Index inclusion drives passive buying

SpaceX’s weighting in the Nasdaq-100 index was significantly increased following the quarterly rebalance that took effect earlier in September. The weight rose to 2.82% from approximately 1.28%. This adjustment is expected to trigger billions of dollars in additional buying by passive funds and exchange-traded funds tracking the index, providing structural support to the stock price.

What the numbers show

The divergence between the shortened flight duration and the successful payload deployment highlights a shift in testing priorities. While the three-hour flight fell short of the ten-hour plan, the deployment of 26 satellites validates the core capability of Starship to reach orbit with useful cargo. Simultaneously, the $68.1 million Filtronic order, set for fulfillment in fiscal 2028, indicates long-term supply chain commitments that extend well beyond immediate operational milestones.

Jeff Kilburg, founder and CEO of KKM Financial, added SpaceX (NASDAQ: SPCX) to the Mango Growth ETF (NASDAQ: GARY) after the stock fell below its $135 IPO price. The move follows a recent dip in shares from a post-IPO peak of $225 to approximately $105, creating an entry point for the fund manager.

Kilburg identified Starlink, SpaceX’s high-speed internet network, as the primary driver of his bull case. He argued that the company’s value extends beyond rocket launches to its orbital infrastructure. This thesis was reinforced by SpaceX’s second-quarter results, where Connectivity revenue rose 66% to $4.3 billion.

Starlink subscriber base doubles

Starlink ended the second quarter with 12 million subscribers, a figure that doubled compared to the prior year. The network currently operates about 11,000 active satellites, significantly outpacing competitors like Eutelsat OneWeb, which has roughly 650 active satellites. Kilburg noted that the deployment of larger, higher-capacity satellites is central to future growth, particularly in direct-to-cell services and in-flight internet for commercial airlines.

Vertical integration advantage

SpaceX benefits from vertical integration, using its own Falcon 9 and Falcon Heavy rockets to deploy Starlink satellites. This internal customer model contrasts with satellite operators who must purchase launch services from external providers. The recent first orbital flight of Starship, carrying 26 next-generation Starlink V3 satellites, aims to widen this competitive gap by enabling the transport of even larger payloads at lower costs.

What the Numbers Show

The correlation between subscriber growth and revenue expansion highlights the scalability of the connectivity business. With subscribers doubling and Connectivity revenue rising 66%, the data suggests that average revenue per user may have declined slightly or remained flat, indicating that growth is driven primarily by volume rather than pricing power. However, the sheer scale of the satellite constellation (11,000 vs 650 for OneWeb) creates a significant barrier to entry for competitors, supporting the argument that Starlink is becoming a dominant cash cow within the SpaceX ecosystem.

Technical levels and risks

The stock has recovered approximately 41% from its August low, trading near $150.64 at the time of publication. Kilburg identified the $135 IPO price, which aligns with the 50-day moving average, as a key support level. While he acknowledged potential volatility from upcoming lockup expirations, he characterized this as a technical issue rather than a fundamental shift in the long-term story. He also flagged risks associated with speculative ambitions such as computing in space, but maintained that the long-term opportunity justifies these risks.