SpaceX shares climb 7% after announcing August earnings report

SpaceX, Elon Musk's aerospace and artificial intelligence firm, saw its stock climb 7% on Wall Street Tuesday. This surge followed the company's announcement that it will release its first quarterly financial results on August 4, a significant event since its initial public offering in June.

At 11:36 a.m. local time, SpaceX shares were trading at $128.34 on the Nasdaq index, still below the $135 IPO price. This reporting date is particularly noteworthy as it will be the first time SpaceX discloses its financial performance as a public company. Until now, as a private entity, it was not obligated to share its accounts.

Furthermore, August 4 also marks the end of the company's lock-up period. This restriction had reserved a substantial portion of its shares for employees and pre-IPO investors. The subsequent release of these shares into the market could potentially increase trading pressure on the stock.

Since its June 12 debut, SpaceX has experienced market fluctuations. The company, which raised over $75 billion in its IPO, recently joined the Nasdaq-100 index. This inclusion requires index-tracking funds to purchase SpaceX shares, influencing its market activity. However, the stock closed Monday at $119.85, down 43% from its June 16 closing high of $211.39.