SpaceX shares face potential supply pressure as 912 million shares become eligible for sale following the first major lockup expiration.
SpaceX shares are set to face a significant supply test on Thursday as the first major lockup period expires, making approximately 912 million shares eligible for sale. This represents about 7% of the total shares outstanding and more than the 639 million shares sold during the company's record IPO. While the expiration does not mandate a sale, it removes restrictions for early backers and employees who acquired shares at lower valuations. Retail investors have shown remarkable loyalty to the stock, maintaining a net buying streak since its June 12 debut. Despite a recent price drop of over 50% from its mid-June peak, many investors view SpaceX as a transformational AI story rather than just a space exploration company. The stock closed at a low of $108.27 on Wednesday, following an earnings report that revealed capital expenditures were more than twice as high as revenue. As more shares unlock in August, September, and October, the market will monitor whether retail demand remains strong enough to withstand the increased supply.