SpaceX stock rises more than 6% after 911.5 million shares unlock
Business
SpaceX stock popped more than 6% on Thursday after its first lockup period expired, meaning about 911.5 million additional shares were unlocked and made available for sale/trading.
Even with all those new shares, trading was wild, topping $23 billion, on track to become the busiest session since it joined the Nasdaq 100 on July 7.
SpaceX down over 25% from IPO
Despite the rebound, SpaceX is still down more than 25% from its IPO price of $135.
Another lockup expires in December, bumping tradable shares up to 40%, but most, including Elon Musk's stake, stay locked until mid-2027.
Investors are sticking around despite losses from big spending on AI; they're betting on SpaceX's strong position in space and satellites to pay off long-term.