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SpaceX stock rose 1.5% in early trading ahead of the company's inaugural quarterly earnings report.

The early move follows a 5.7% gain on Monday. If shares can close higher, it will be the first back-to-back gain for the stock since late June.

SpaceX shares have been battered in recent weeks, with investors focusing less on the potential of AI data centers in space and more on valuation and on millions of shares held by early investors that will soon become available to trade.