Shares of SpaceX drop to $108.66 as investors brace for 911.5 million shares unlocking post-IPO lock-up period.
SpaceX Corp (NASDAQ:SPCX) shares plunged to a record low of $108.66 in early trading Monday before paring losses to $111, driven by concerns over an impending lock-up expiration. The stock has halved from its post-IPO peak despite recent Starship test successes, as investors await the company’s first quarterly earnings on August 4 and the subsequent unlock of 911.5 million shares two days later.
The lock-up expiration will allow early investors and employees to sell up to 20% of eligible shares, raising fears of a supply glut. Even after the decline, SpaceX’s $1.46 trillion market cap remains contentious, with 2025 revenue projections below $19 billion. Elevated capital spending on AI infrastructure and a planned $20 billion fundraising round have further weighed on sentiment.
The sell-off reflects broader skepticism over the company’s valuation and near-term liquidity risks, though shares recovered slightly by late morning.