SpaceX shares dropped on Thursday as the company's first post-IPO lockup period expired, freeing roughly 911 million shares for trading. The unlock landed two days after SpaceX's debut quarterly report, which showed revenue nearly doubling from a year earlier alongside capital spending that outpaced it. Analysts say the increase in available shares could keep pressure on the stock even without heavy selling from insiders.
Lockup frees hundreds of millions of shares
SpaceX shares fell 1.3% to $106.45 on Thursday as the company's first post-IPO lockup period expired. The expiration freed just over 911 million shares for trading, about 7% of shares outstanding and more than the 639 million shares sold in SpaceX's initial public offering.
A lockup expiration does not require insiders to sell, but such events are still watched cautiously. According to Reuters: "Even without heavy selling, the increase in available shares is likely to keep volatility elevated."
Debut earnings add to the pressure
Two days earlier, SpaceX reported results for the first time as a public company since its initial public offering in June. Q2 2026 revenue reached $7.8 billion, a 92% jump from $4.1 billion a year earlier, beating Wall Street's roughly $6.9 billion estimate by about $900 million.
Net loss narrowed to $541 million from a $1.0 billion loss in the same quarter last year. But capital expenditure hit $18.4 billion, more than twice quarterly revenue, driven largely by AI-infrastructure spending. SpaceX's IPO raised approximately $75 billion at a valuation between $1.75 trillion and $2 trillion when it went public on June 12, 2026.
More shares unlock through October
More supply is coming. Another 319 million shares could unlock on Aug. 20, followed by roughly 700 million shares in September and a close number in October, according to the company's prospectus. Elon Musk, SpaceX's largest shareholder with more than 6 billion shares, remains locked up until June 2027.
Bitcoin treasury swings with the market
SpaceX's earnings also disclosed 18,712 Bitcoin on its balance sheet, valued at $1.10 billion as of June 30, 2026, down considerably from $1.64 billion at the end of 2025 — a decline of roughly 33% driven by broader crypto market weakness.
The company did not sell any of its Bitcoin during the quarter, holding the position steady even as its value fell.
Sources: Reuters, US Top News and Analysis, Crypto Briefing
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