On August 6, 2026, about 911.5 million SpaceX shares became available for trading, representing roughly 7% of total shares outstanding and more than doubling the freely tradable float from 639 million shares [1, 2, 3, 4, 5, 6]. Despite widespread expectations of heavy selling pressure from early investors and employees, the share unlock did not trigger a large-scale sell-off. Instead, SpaceX shares rebounded 6.14% to close at $114.92 on the same day [7, 1, 4, 6].

SpaceX’s stock price has dropped between 49% and 52% from its June 2026 peak of $225.64, hitting around $108–$115 in early August after a volatile post-IPO period [1, 2, 4, 6]. The company’s massive initial public offering in June raised $85.7 billion at a $135 per share IPO price, issuing approximately 555.6 million shares [8]. The IPO gave SpaceX a market capitalization near $1.5 trillion, putting it alongside the largest US tech stocks known as the Magnificent Seven [9, 8].

High capital expenditures related to SpaceX’s AI infrastructure and orbital data centers weighed on investor sentiment. The company reported second-quarter 2026 revenue growth of 92%, beating expectations, but heavy spending on AI projects led to a sharp 14% drop in shares on August 5, 2026 [1, 2, 4, 5]. Elon Musk remains the largest shareholder with over 6 billion shares locked until June 2027, when an additional 6.4 billion shares will become eligible for trading [1, 2, 6].

Before the lockup expiration, short sellers increased their positions to over 36% of the free float. Following the unlock, short interest fell to roughly 16%, reflecting short covering [1, 10, 6]. Market strategists noted the unusual outcome. Matt Maley of Miller Tabak said, "Once the dust settles from the trading around the end of the lockup period, investors are going to have to decide whether they’re willing to pay such an expensive price for a company that will not show its full promise for many years" [10]. Rainmaker Securities’ Greg Martin stated that the stock's "near-term path" might be more influenced by the lockup lift than fundamentals or company strategy [2].

The trading volume increase suggests some uncertainty but also conviction among holders. Gabriel Shahin of Falcon Wealth Planning observed, "No one seems in a hurry to sell—they are long-term believers in SpaceX, so we lean toward insiders not selling and this being positive for the stock price" [4]. However, some pre-IPO investors through SPV Late Stage Management faced complaints and lawsuits after discovering their holdings missing or sold without consent [11, 12].

The next major unlock is set for June 2027, when Elon Musk’s approximately 6.4 billion shares become eligible for trading, potentially increasing the float significantly [1, 6].