Space Exploration Technologies Corp (NASDAQ:SPCX) has weathered two rounds of insider share unlocks since its record-breaking June initial public offering, and the stock is holding well above where it traded during either event.
Shares closed at $153.47 on Tuesday, sitting comfortably above the $135 IPO price and about 32% below the intraday peak of $225.64 hit days after the June 12 debut, per Benzinga Pro data.
First Unlock: A Rally Instead of a Rout
SpaceX’s first share unlock test came Aug. 6, when 911.5 million shares held by employees and early investors became eligible for trading, more than doubling the company’s public float.
The stock had closed the prior session at $108.27, a fresh post-IPO low tied to an earnings report showing capex at more than double revenue. Instead of caving to the new supply, shares rallied.
Shares catapulted 16% higher that Friday and finished the week at $133.11. The Wall Street Journal described the reversal as proof that SpaceX “true believers” were propelling shares past the lockup.
Second Unlock: A Wobble, Not a Break
A second, smaller unlock followed Aug. 20, when roughly 319 million additional shares came free under the staggered schedule laid out in SpaceX’s prospectus.
The stock wobbled but avoided a lasting slide, and by Aug. 10 shares had already closed above the IPO price for the first time in weeks, CNBC noted. Argus Research upgraded the stock to Buy shortly after the first unlock, arguing the shares merited the call partly on CEO Elon Musk‘s track record running Tesla Inc. (NASDAQ:TSLA).
Third Unlock: This Wednesday
Round three looms larger. Roughly 700 million additional shares will become eligible in September, more than double the size of the Aug. 20 release and approaching the scale of the first unlock.
CNBC pointed to Wednesday’s share release as one of two remaining supply events still keeping the stock “cheap” relative to Wall Street’s price targets, with Oppenheimer at $280 and JPMorgan at $240.
More tranches follow close behind, with further releases scheduled on Sept. 24, Oct. 9, and Oct. 24, before the full 180-day lockup expires Dec. 8. Musk‘s stake, the largest single block, stays locked until June 2027.
Whether insiders treat Wednesday’s tranche as an exit ramp, or investors again absorb the float without flinching, could shape SpaceX’s next chapter as a newly public, AI-heavy rocket company.
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