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More than 900 million shares set to become eligible for trading
SpaceX (NASDAQ:SPCX) is preparing for one of the largest lock-up expirations in recent market history, with approximately 911.5 million shares worth around $116 billion scheduled to become eligible for trading on August 6.
The company confirmed on Tuesday that it will publish its second-quarter financial results on August 4, marking its first earnings report since listing on Wall Street. Two days later, lock-up restrictions affecting early investors, executives and other insiders will begin to expire.
Under certain conditions, a further 455.8 million shares could also become available for trading. However, shares held by Elon Musk and a select group of insiders will remain locked until the middle of 2027.
Alternative lock-up structure aims to limit market disruption
While most newly listed companies impose a standard 180-day restriction on insider share sales following an initial public offering, SpaceX and its underwriting banks opted for a different approach because of the company’s size and shareholder base.
The structure was designed to increase the number of shares available to investors over time while seeking to avoid major disruptions to normal market supply and demand.
Shares remain well below post-IPO highs
SpaceX shares ended Tuesday’s session 3% higher at $123.54, snapping a seven-session losing streak. Even after the rebound, the stock remains below its IPO price of $135.
The shares have fallen nearly 50% from the intraday record of $225.64 reached on June 16 and are down 43% from the highest closing price of $211.39 recorded the same day.
Wall Street sentiment remains broadly positive. Of the 33 analysts covering the company, 27 recommend either a strong buy or buy rating, while five suggest holding the stock and one recommends selling. The median price target stands at $226, implying approximately 77% upside from current levels.
According to Forbes’ Real-Time Billionaires Index, Elon Musk’s estimated net worth stood at roughly $786 billion as of Tuesday, after exceeding $1 trillion on June 12.
Starship test flight rescheduled for July 24
SpaceX has also confirmed a new launch date for the 13th suborbital test flight of Starship, which is now scheduled for July 24 at 00:45 Italian time from the company’s Starbase facility in Texas.
The previous launch attempt on July 17 was called off at liftoff after several Raptor engines failed to perform as expected. Musk later announced on social media platform X that the affected engines would be replaced.
The upcoming mission is expected to evaluate a series of hardware and software upgrades across both stages of the launch system, including the Super Heavy booster and the Starship spacecraft, which is ultimately intended to carry astronauts on future missions.
Mission objectives include completing every major phase of the flight successfully, including liftoff, ascent, stage separation, booster reentry and a controlled splashdown.
