Investors sell SPCX stock as Q2 earnings loom, erasing prior gains amid broader tech sector weakness and upcoming share unlock.
SpaceX (SPCX) shares fell nearly 3% on Wednesday, reversing Tuesday’s rebound as investors brace for the company’s first earnings report on August 4. The decline extends a 30% drop from its $150 market debut last month and a 50% retreat from its all-time high of $225.64.
The sell-off coincides with a broader market pullback, with the S&P 500 down 0.8% and the Nasdaq shedding 1%. Chipmakers weighed on tech stocks, adding to pressure on SPCX. A share unlock on August 6, freeing up to 20% of shares, has also fueled caution.
SpaceX’s recent Starship test flight, which deployed 20 Starlink V3 satellites, did little to offset concerns. CEO Elon Musk hinted at a potential tower catch for the next flight, but investors remain focused on earnings and lockup dynamics.