Overview
- SpaceX completed the largest IPO ever and raised about $86.7 billion, but its stock now trades below the IPO open price of roughly $150.
- Only about four to five percent of SpaceX equity was freely tradable at listing, leaving the market highly sensitive to small flows from retail trading and options activity.
- A staggered lockup schedule will soon make about 911.5 million shares, roughly 6.8% of the company, eligible to be sold after the company’s next quarterly report, which could exceed the current public float.
- The company has funded major AI and Starship investments with large debt offerings and all‑stock deals, increasing investor concern about near‑term dilution and execution risk.
- Traders say the stock’s short‑term direction will hinge on upcoming earnings, the lockup release and how automatic index and ETF buying interacts with the thin supply.