Overview
- The second tranche of the IPO lockup released about 319 million shares on Aug. 20, which pushed the stock below its $135 IPO price before a partial rebound in the following session.
- SpaceX completed a $60 billion all‑stock acquisition of Cursor on Aug. 14 that issued roughly 389 million new Class A shares and added to near‑term dilution concerns.
- The company reported strong growth in its first public quarter with $7.81 billion in revenue and Starlink producing operating profit while Q2 capital expenditures totaled about $18.4 billion, including roughly $15.8 billion for AI compute.
- A staggered lockup schedule will free many more shares through 2027, including a roughly 1.3 billion‑share tranche around Q3 earnings and a broad 180‑day expiry in December, while Elon Musk’s ~6.42 billion shares remain locked until June 2027.
- Analysts are divided: most maintain moderate buy ratings and price targets in the low‑to‑mid $200s but some firms have turned bearish on funding and execution risks tied to AI buildouts, Starship timelines, and future financing needs.