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Elon Musk's SpaceX shares fell below IPO price as new share unlocks and competition from China rise.
Elon Musk's SpaceX shares closed the week down over 2%, falling below the $135 IPO price. The decline was driven by a staggered lockup period releasing 319 million shares to early employees and investors, while new competition from Chinese startup LandSpace emerged. LandSpace successfully landed the first stage of its Zhuque-3 rocket on a pad, marking the first time a major Chinese company has recovered an orbital-class booster on land. While SpaceX maintains a major lead with over 600 booster landings, the LandSpace milestone narrows the competitive gap. Elon Musk noted that the Starship catch with the tower will likely occur in a few months, with the first reflight of the ship scheduled for late this year or early next year.