SpaceX shares hit record low on lock-up expiry, valuation concerns

Proactive Mon, July 27, 2026 at 8:52 AM PDT 1 min read

• Ticker: SPCX

SpaceX Corp (NASDAQ:SPCX) shares fell to an all-time low on Monday, dropping to $108.66 in early trading before recovering some ground to trade around $111 by late morning, as investors weighed concerns over an upcoming share lock-up expiration, valuation, capital spending, and financing plans.

The stock has now lost nearly half its value from its post-initial public offering peak, despite the company recently completing the 13th test flight of its Starship rocket.

Key Factors Pressuring Sentiment

• Upcoming Earnings and Lock-Up Expiration: Investor sentiment has been pressured by the company's upcoming first quarterly earnings release on August 4, followed two days later by the expiration of its IPO lock-up period. The event is expected to allow early investors and employees to sell up to 911.5 million shares, representing about 20% of eligible locked stock, raising concerns about increased share supply.

• Valuation Concerns: The sell-off has also reflected questions over SpaceX's valuation. Even after Monday's decline, the company carried a market capitalization of roughly $1.46 trillion, a level some investors view as difficult to justify relative to its reported 2025 revenue of less than $19 billion.

• Capital Expenditure and AI Investments: Investors have also focused on the company's elevated capital expenditures tied to artificial intelligence infrastructure, including multibillion-dollar investments in computing resources, amid uncertainty over when those investments may generate meaningful returns.

• Bond Offering and Funding Needs: Additional pressure followed reports that SpaceX is seeking to raise at least $20 billion through its first investment-grade bond offering, a move that underscores the company's significant funding needs as it continues to invest for growth before reaching positive cash flow.