The stock dropped 6% as 319 million shares became tradable, signaling waning investor demand at current levels.
SpaceX (NASDAQ:SPCX) shares declined 6% to $131.86 Thursday, dipping below the $135 IPO price for the first time since its June debut. The drop followed the unlock of 319 million shares, increasing sellable supply and pressuring the stock.
Earlier in August, a larger 911.5 million-share unlock had lifted the stock 6%, contrasting with today’s decline. Analysts note upcoming unlocks in November and December will release even more shares, maintaining supply pressure.
Rocket Lab (NASDAQ:RKLB) fell 4% to $72.67 in sympathy, while the Procure Space ETF (NYSEARCA:UFO) dipped 2% to $45.54 but remains up 17% year-to-date.