911.5M Share Unlock Sparks $700M Trading Frenzy in Tokenized SpaceX Stock
SPCX sits 20% above its 52-week low of $104.83.
Summary
The expiration of SpaceX's IPO lock-up released 911.5 million Class A shares, increasing the float by roughly 42.6%. Contrary to expectations of heavy insider selling, the stock rose 6.14% to around $114.92, triggering a surge in the tokenized SPCX market on Gate, where trading volume hit nearly $700 million over two sessions. This follows SpaceX's record $86.25 billion IPO in June and its Q2 revenue of $7.8 billion, up 92% year-over-year. The unlock is the first in a series, with an additional 1.025 billion shares set to be released by September 24, and over 4.6 billion by December 8, though Elon Musk's 40%+ stake remains locked until June 2027. The market's resilience suggests strong underlying demand, but the staggered unlocks could introduce volatility if insiders begin to distribute.
At the time of this announcement, SPCX was trading at $126.01 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $1.7T. The 52-week trading range was $104.83 to $225.64. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Coinpedia.