Key Highlights
- SpaceX is unlocking $100 billion worth of shares, with the first phase beginning on Thursday.
- The company’s stock dropped about 15%, as investors prepared for possible selling pressure from the share unlock.
- SpaceX reported strong earnings, including $7.8 billion in revenue, over 12 million Starlink subscribers, and 18,712 Bitcoin holdings.
SpaceX investors are bracing for the company’s largest post-IPO share unlock, with roughly 911.5 million shares becoming eligible for trading on Thursday. At the stock’s current price of about $110, the block is worth roughly $100 billion, although the value fluctuates with the share price. Earlier estimates ranged between $116 billion and $123 billion when the stock traded closer to its $135 IPO price.
The share unlock comes two trading days after SpaceX released its first quarterly earnings report as a public company and follows a sharp decline in the stock.
Why the share unlock matters
A lockup is a contractual restriction that prevents company insiders and early investors from selling their shares for a specified period after an initial public offering. Once the restriction expires, those holders are free, but not required, to sell, according to an official filing.
SpaceX’s lockup is notable for both its size and structure. Instead of a single 180-day expiration, the company adopted a staggered, multi-stage schedule that releases shares in tranches over several months to spread potential selling pressure. Even so, the first tranche alone is expected to more than double SpaceX’s public float, increasing it from about 639 million shares to roughly 1.55 billion.
Importantly, shares becoming eligible for sale does not mean they will necessarily be sold. The unlock does not create new shares or dilute existing shareholders; it only removes resale restrictions. The first tranche also excludes Elon Musk and other Rule 144 affiliates, including directors and senior executives. Musk’s roughly 6.4 billion shares remain locked until June 12, 2027.
A separate price-based provision could have released an additional 455.8 million shares early if SPCX had traded at least 30% above its $135 IPO price, or about $175.50, on five of ten qualifying trading days. The stock never reached that threshold, leaving 911.5 million shares as the relevant unlock for Thursday.
The size of the event has drawn caution from some market participants. Investment adviser Gary Black has questioned buying the stock ahead of the unlock, arguing that the large number of newly eligible shares could increase selling pressure if early investors decide to exit.
In a post on X, he said, “This makes no sense with 911.5M new SPCX shares potentially entering SPCX’s float tomorrow, which will double its size.” Black argued that the sharp increase in tradable shares could weigh on the stock if early investors choose to sell after the lockup expires.
The stock reverses lower
SPCX traded around $110 on Wednesday, down about 15% from an intraday high near $117. At that level, the company’s market capitalization stood at approximately $1.45 trillion.
The decline followed an earlier rally during the session before sentiment reversed. Analysts said the increase in tradable shares could weigh on the stock, with additional lockup expirations scheduled through December.
Some market participants, however, have pointed to continued retail buying during the decline, while Wall Street remains broadly constructive on SpaceX’s longer-term outlook, citing growth in Starlink and investments in artificial intelligence and space infrastructure.
Earnings report add to the story
The unlock follows SpaceX’s first earnings report as a public company. The company reported $7.8 billion in revenue, a 92% increase from a year earlier. It also said Starlink now has more than 12 million subscribers, showing how quickly the satellite internet service has expanded. Alongside the results, SpaceX announced a $60 billion deal to acquire Cursor, making it one of the biggest announcements in the company’s latest update.
Another part of the earnings report caught the attention of Bitcoin followers. SpaceX reported that it owned 18,712 Bitcoin, valued at $1.098 billion as of June 30, 2026. At the end of 2025, those holdings were worth $1.637 billion.
The lower value was not because the company sold its Bitcoin. Instead, it reflected a non-cash accounting adjustment after Bitcoin’s market price fell during the first half of the year. Since the company bought the Bitcoin at a reported cost of $661 million, it is still sitting on a large unrealized gain.
SpaceX first revealed the size of its Bitcoin holdings in documents filed before its June IPO. The company also confirmed that the Bitcoin is held by a third-party custodian and that it plans to continue using the same arrangement.
Around the time of the IPO, Strategy Executive Chairman Michael Saylor pointed to SpaceX’s low average purchase price and described the listing as another sign that more major companies are holding Bitcoin as part of their treasury strategy.
All eyes on Thursday
For now, all eyes are on Thursday’s share unlock. The event will be the first major test of investor confidence since SpaceX entered the public market.
With a substantial block of shares becoming eligible for trading and the stock already under pressure, investors will be watching how the market absorbs the additional supply in the coming days and months.
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