SpaceX Stock Drops Over 4% as Major Share Unlock Occurs
Shares of Space Exploration Technologies Corp (NASDAQ:SPCX) fell more than 4% on Wednesday following the unlocking of up to 319 million previously restricted shares. This event, part of SpaceX's staggered post-IPO lockup process, added significant supply pressure and wiped out gains from the previous day. The unlocked shares were valued at approximately $49 billion based on Tuesday’s closing price but did not all trade immediately. This drop mirrors a similar 4% decline in early August when another tranche of 319 million shares became available, though that dip was short-lived and followed by a rebound. Analysts note the significance of SpaceX's Starship program for its long-term valuation potential, with success on reusability being key to achieving projected growth. More share unlocks are scheduled in the coming days, including 59.1 million shares becoming eligible Thursday and another 328 million by September 24.
Tickers: $SPCX
Topics: IPO market reaction share unlock