TLDR SPCX stock gained about 2.7% in premarket trading before the lockup expiry. Up to 911.5 million insider-held SpaceX shares became eligible for sale. The first unlock could increase the c
SpaceX (SPCX) stock rose in premarket trading on Thursday as investors prepared for the company’s first lockup expiry. SPCX stock gained about 2.7% before the opening bell, with up to 911.5 million insider-held shares becoming eligible for sale.
The event marks the first share release since SpaceX completed its June 12 public listing. Investors are watching whether employees, early backers and company insiders will sell part of their holdings or remain invested.
Thursday’s lockup expiry allows insiders to sell up to 20% of their restricted holdings. The release covers about 911.5 million shares and could lift the float by 143%, according to JPMorgan analyst Doug Anmuth.
SpaceX designed the lockup in stages rather than releasing all insider shares at once. Smaller tranches of about 7% are due on days 70, 90, 105, 120 and 135 after the IPO. Another large release will follow third-quarter earnings, while the final lockup ends on December 8.
SpaceX shares closed at $108.27 on Wednesday after falling 13% following the company’s first earnings report. The stock now trades about 25% below its $135 IPO price and has lost much of its early post-listing momentum.
Space Exploration Technologies Corp., SPCX
Many employees and early investors still hold large paper gains because they received shares years before the IPO at much lower prices. Some may sell to secure profits, reduce exposure or spread their wealth across other assets.
Reuters reported that some pre-IPO investors are considering sales to fund investments in private technology companies. Other advisers said many SpaceX employees still support the company’s long-term plans and may keep most of their shares.
SpaceX reported quarterly revenue of $7.8 billion, up from $4.1 billion a year earlier. Starlink revenue rose 66%, while revenue from the company’s AI business increased by about 250%.
Investors focused on rising costs. Capital spending climbed above $18 billion from $2.8 billion a year earlier. AI-related spending reached $15.8 billion, compared with $749 million in the same period last year.
Finance chief Bret Johnsen said heavy investment may continue over the next several quarters. The spending outlook contributed to Wednesday’s share decline despite stronger revenue.
Analysts remain divided over the level of insider selling. Some expect many holders to take profits, while others believe the staggered structure and earlier market positioning may limit immediate pressure.
Heavy short interest adds another factor. If insider sales remain lower than expected, short sellers could buy shares to close positions. That could support SPCX stock after recent losses. However, each future unlock may bring sharper price swings as more shares enter the market.
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