SpaceX's IPO Lockup Starts Expiring in August: Next Wave of Sellers Could Be the Real Test
SpaceX (NASDAQ: SPCX) stock has fallen to an all-time low of about $131, below its $135 IPO price, following a scrubbed Starship launch and ahead of significant lockup expirations beginning in August. The IPO placed less than 5% of shares into public hands. The first major tranche of up to 911.5 million shares could become sellable after the company's first earnings report as a public company, a supply wave larger than the entire IPO. Additional tranches unlock through late October, with the standard lockup ending in early December. Elon Musk's shares remain locked until June 2027. The stock has dropped 42% from its post-IPO peak. While SpaceX's Starlink segment is profitable, its AI segment lost $6.4 billion in 2025 and $2.5 billion in Q1 2026 alone. The company carries a $1.7 trillion market value, nearly 90 times trailing twelve-month revenue.
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