SpaceX shares in focus as first insider lockup expires, unlocking roughly 911.5 million SPCX shares
SpaceX's first insider lockup expired on August 5, 2026, freeing roughly 911.5 million SPCX shares to trade just as the newly public company absorbs a post-earnings sell-off and a divided Wall Street.
SpaceX's first insider lockup expired on August 5, 2026, freeing roughly 911.5 million SPCX shares to trade. The expiry came a day after the company's first earnings report as a public company, which showed $7.8 billion in quarterly revenue, up 92% year over year, alongside a sharp share price decline.
SpaceX shares moved into focus as the company's first insider lockup period expired on August 5, 2026, freeing roughly 911.5 million SPCX shares for trading. According to reports, holders of approximately $98 billion worth of stock became eligible to sell once the restrictions lifted. The expiry comes less than two months after SpaceX's record-breaking debut. The company, founded by Elon Musk in 2002 and headquartered at Starbase, Texas, went public on June 12, 2026 at a valuation of $1.77 trillion — the largest IPO on record. On its first day of trading, its market capitalization reached roughly $2.1 trillion, making it the sixth most valuable U.S.-listed company. The lockup's end arrives at a delicate moment. Shares had already fallen about 45% from their post-IPO high by mid-July, and the company's first earnings report as a public company — showing quarterly revenue of $7.8 billion, up 92% year over year — was followed by a sharp decline in the stock, according to reports. How insiders handle their newly tradable shares could set the tone for the stock's next chapter.
Lockup expiry frees roughly 911.5 million SPCX shares
SpaceX's first post-IPO insider lockup expired on August 5, 2026, releasing roughly 911.5 million SPCX shares for potential sale. According to reports, the expiry made holders of approximately $98 billion worth of stock eligible to trade for the first time since the company went public on June 12.
The shares moved in the sessions leading up to the expiry, a pattern typical of lockup events as investors position for a possible wave of insider selling. Lockups are designed to prevent early investors, executives, and employees from flooding the market immediately after a listing, and their expiration often brings heightened volatility.
What remains unclear is how the stock actually traded once restrictions lifted. The volume of unlocked shares that insiders chose to sell, and the price action that followed the August 5 expiry, had not been established at the time of writing.
From record IPO to a 45% slide
SpaceX went public on June 12, 2026, in the largest initial public offering on record. The listing was priced at a valuation of US$1.77 trillion, capping the company's rise from Elon Musk's 2002 founding to the biggest market debut in history. On its first day of trading, SpaceX reached a market capitalization of roughly $2.1 trillion, instantly ranking it as the sixth most valuable U.S.-listed company.
The early euphoria did not last. According to reports, SPCX shares had fallen about 45% from their post-IPO high by mid-July 2026, a slide that drew in bargain hunters, including Cathie Wood, who reportedly purchased approximately $51 million worth of the stock.
Elon Musk founded SpaceX, formally Space Exploration Technologies Corp.
SpaceX held its initial public offering, priced at a US$1.77 trillion valuation, the largest IPO on record.
On its first trading day, SpaceX reached a market capitalization of roughly $2.1 trillion, making it the sixth most valuable U.S.-listed company.
SPCX shares had fallen about 45% from their post-IPO high, and Cathie Wood purchased approximately $51 million worth of shares.
SpaceX reported second-quarter 2026 revenue of $7.8 billion, up 92% year over year, with quarterly capital expenditure of $18.4 billion.
SpaceX's first earnings report as a public company was followed by a sharp share price decline, and Elon Musk's wealth fell by $87 billion in a single day.
The earnings showed AI revenue growth of approximately 250%, but investors reacted negatively to increased capital expenditure.
A lockup period covering roughly 911.5 million SPCX shares expired, making holders of about $98 billion in shares eligible to trade.
SpaceX shares moved ahead of the expiry of the company's first insider lockup period.
First earnings: 92% revenue growth, heavy spending, and a sell-off
SpaceX reported second-quarter 2026 revenue of $7.8 billion on August 4, 2026, an increase of 92% year over year. AI-related revenue reached $2.6 billion in the quarter, according to one analysis, representing growth of approximately 250%.
The spending side drew more attention. Quarterly capital expenditure reached $18.4 billion, according to reports, and investors reacted negatively to the scale of the outlay despite the rapid AI growth.
The company's first earnings release as a public company was followed by a sharp decline in its share price, according to reports. The drop also hit Elon Musk's fortune, which fell by $87 billion in a single day following the post-earnings slide, according to those reports. The reaction underscored how sensitive the stock had become to the company's cash consumption, even as its top line expanded at a pace few companies of its size have matched.
Wall Street splits between AI optimism and valuation fears
Analysts and prominent investors remain sharply divided on the stock. Bernstein raised its price target on SPCX from $239 to $248 while maintaining a buy rating, a call that reportedly lifted the shares about 3%. Cathie Wood purchased roughly $51 million worth of the stock, according to reports, while Jim Cramer has described SpaceX as a potential "100-year" investment, citing lunar activity and orbital data centers. Peter Diamandis has gone further, suggesting the company could reach a $10 trillion valuation and backing its goal of $1 trillion in revenue by 2030, framing Musk's work as "civilizational" infrastructure. A Seeking Alpha analyst rated the shares a Strong Buy on AI infrastructure growth, while another analysis sketched scenarios ranging from a $190 bull case to a $76 bear case. Bulls point to Starlink growth and AI partnerships; skeptics cite a rich valuation, lockup risk, and heavy cash burn.
Frequently asked questions
When did SpaceX go public and what was its IPO valuation?
SpaceX held its initial public offering on June 12, 2026, priced at a valuation of US$1.77 trillion, making it the largest IPO on record. On its first day of trading, the company reached a market capitalization of roughly $2.1 trillion, ranking it as the sixth most valuable U.S.-listed company.
How much revenue did SpaceX make in Q2 2026?
SpaceX reported second-quarter 2026 revenue of $7.8 billion, an increase of 92% year over year, in its first earnings release as a public company on August 4, 2026. Quarterly capital expenditure reached $18.4 billion, according to reports. The briefing does not include profit or loss figures for the quarter.
When did the SpaceX lockup period expire and how many shares were unlocked?
A lockup period covering roughly 911.5 million SPCX shares expired on August 5, 2026. According to reports, holders of about $98 billion worth of shares became eligible to trade once the restrictions lifted. How many of those unlocked shares were actually sold by insiders is not yet known.
Why did SpaceX stock drop after its first earnings report?
Reports suggest SpaceX's first earnings report as a public company was followed by a sharp share price decline. According to those reports, investors reacted negatively to increased capital expenditure of $18.4 billion, even though AI revenue grew approximately 250%. Elon Musk's wealth reportedly fell by $87 billion in a single day following the drop.
What do analysts say about SPCX stock?
According to reports, Bernstein raised its price target on SpaceX shares from $239 to $248 while keeping a buy rating. One Seeking Alpha analyst reportedly rated SPCX a Strong Buy, citing AI infrastructure as a core growth driver. Analysts have cited Starlink growth and AI partnerships as positives, weighed against a rich valuation, lockup risks, and cash burn.
Compiled from reporting by 8 independent outlets. How we source our reporting.
