SpaceX's stock price remained stable on Thursday despite the expiration of a lockup period that made nearly one billion shares, valued at over $100 billion, eligible for sale by early investors and insiders. This stability surprised many analysts who had predicted a sharp decline due to the massive influx of shares hitting the market. The shares had previously plummeted by 15% from their IPO price of $135 and 49% from their peak of $225 on June 16, erasing over $1 trillion in market value before this event.
The unlock, which encompassed 911.5 million shares, represented a significant portion of the company's outstanding stock. Analysts from firms like Morgan Stanley had warned that this combination of earnings and the lockup expiry could leave shares vulnerable, likening the situation to "Max Q" – the period of maximum aerodynamic pressure during a rocket launch. However, the anticipated technical selling pressure did not materialize as strongly as feared.
While the market braced for this event, SpaceX had also reported its first earnings since going public. The company announced quarterly revenue of $7.8 billion, surpassing Wall Street's estimate of $6.81 billion. However, it reported a net loss of $541 million for the period, with capital expenditures related to its xAI unit reaching $15.8 billion, higher than the $13.09 billion expected. Despite these mixed results and the looming share unlock, the stock demonstrated resilience, suggesting that the earlier price slump might have already factored in some of the anticipated selling pressure.
