SpaceX Plunges 12% as $109B Share Unlock Begins, AI Capex Fears Mount
SPCX is trading near its 52-week low of $104.83 (11% above the low).
Summary
SpaceX shares are down 12% to ~$109 as the first phase of its post-IPO lock-up expires, freeing 912 million shares worth $109 billion for trading starting August 6. This unlocks roughly 143% more float, triggering heavy selling pressure from early investors and employees. The drop compounds yesterday's 10% decline after Q2 results showed capex surging to $18.4 billion, mostly for AI infrastructure, despite revenue nearly doubling to $7.8 billion. JPMorgan now sees capex hitting nearly $200 billion annually in 2027 and 2028, raising serious free cash flow concerns. The company also disclosed it held 18,712 Bitcoin worth $1.1 billion, which lost $195 million in value during the quarter, adding to earnings volatility. The lock-up expiration is a structural overhang that could persist as more shares become eligible in future phases.
At the time of this announcement, SPCX was trading at $116.88 on NASDAQ in the Technology sector, with a market capitalization of approximately $1.6T. The 52-week trading range was $104.83 to $225.64. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Coinpedia.