Shares rose despite a lockup expiration doubling the float, easing concerns over potential selling pressure from insiders.
SpaceX Corp (NASDAQ:SPCX) shares climbed 2.5% Thursday after 911.5 million restricted shares became eligible to trade, more than doubling its public float to 1.55 billion shares. The stock had dropped 14% Wednesday on fears of increased supply from insiders and early investors.
The lockup expiration follows SpaceX’s first quarterly report as a public company, which showed a $541 million net loss, or $0.09 per share, on $7.8 billion in revenue. The company’s staggered lockup schedule delays further share releases, with CEO Elon Musk’s stake locked until June 2027.
Investors remain cautious amid rising capital expenditures, including AI and infrastructure projects, which have weighed on sentiment across the tech sector.