SpaceX (SPCX) Stock Down 50% From Peak as 911 Million Shares Hit the Market

TLDR

• Up to 911.5 million SpaceX shares unlocked Thursday, more than 140% of the post-IPO float
• SpaceX stock dropped 12% Wednesday despite beating Q1 revenue estimates of $6.8B, posting $7.8B
• The stock is down over 50% from its June 16 peak of $225.64 and trades below its $135 IPO price
• A separate tranche of 455.8 million shares stays locked because the stock is below the IPO price
• More than 4 billion shares will be available to trade by year-end; Elon Musk’s stake unlocks June 2027

SpaceX (SPCX) stock was trading around $112.22 in premarket Thursday, up 3.7%, as the first major lockup expiry arrived. The stock had closed at $108.27 Wednesday, down more than 10% on the day.

Space Exploration Technologies Corp., SPCX

The lockup expiry frees up to 911.5 million shares held by insiders and early investors. That single tranche represents more than 140% of the shares that were available to trade after the IPO.

Coming into Thursday, the stock had already fallen more than 50% from its June 16 record high of $225.64. It is also trading below its $135 IPO price, which matters.

… Continue reading the full article at the original source below.