XSPC
New supply, same drama
SpaceX is getting hit with another batch of insider-share eligibility Thursday as its staggered post-IPO lockup keeps unwinding. That means up to 328.4 million shares could eventually be sold by early investors and employees — a chunky pile of potential supply worth about $48.7 billion at Wednesday’s close.
Not a cliff, more like a staircase
Instead of one big lockup expiration, SpaceX stretched the pain out over time. The Day-105 tranche releases about 7% of the locked-up shares, with more scheduled for Oct. 9 and Oct. 24. A bigger block opens after third-quarter results, and the final lockup expires on Dec. 8.
That doesn’t mean all those shares hit the market at once. But it does mean the ceiling is getting a little more crowded — and traders hate a crowded ceiling.
Shotwell’s sale plan adds to the jitters
The timing got even spicier after regulatory filings showed Gwynne Shotwell submitted a Form 144 for the sale of 342,170 Class A shares, worth about $51.96 million. The sale is tied to a prearranged 10b5-1 trading plan, which is perfectly legal and boring in the way only a billion-dollar company can make boring feel dramatic.
The company’s first big unlock on Aug. 6 released 911.5 million shares, and SpaceX actually rallied 6% that day — proof that markets can be weird little goblins. But with more tranches coming and CEO Elon Musk’s stake locked until mid-2027, investors may need to get used to a stock that can swing hard on supply headlines alone.
Big picture: even if insiders don’t rush for the exit, the market now knows the door is unlocked.