$100 Billion in SpaceX Shares Just Unlocked — So Why Isn’t the Stock Crashing?

Rich Duprey

Thu, August 6, 2026 at 11:58 AM EDT 5 min read

Quick Read

• SpaceX’s $100 billion lockup expiration more than doubled its tradable float yet shares gained over 5% as markets had already priced in the risk.

• ARK Invest and retail buyers absorbed the unlock while ~35% short interest created conditions for short covering that lifted shares.

• The overhang persists as roughly $800 billion in additional SpaceX shares become eligible for sale through October.

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For weeks, investors have focused on one date they believed could unleash another wave of selling in one of 2026’s most closely watched IPOs. 

Lockup expirations often flood the market with new shares, increasing supply and weighing on stock prices, particularly when a company has already stumbled. SpaceX (NASDAQ:SPCX) appeared to fit that script perfectly after a sharp post-earnings decline on Wednesday. Yet when roughly $100 billion worth of shares became eligible for sale today, the collapse many expected never materialized. Instead, the stock turned higher, offering investors an important reminder that what the market anticipates is often more important than what actually happens.

The Biggest Lockup Yet Didn’t Trigger the Expected Selling

SpaceX’s second-quarter earnings report on Tuesday showed the business continues executing well. Yet that wasn’t enough to stop shares from falling almost 15% on Wednesday as investors focused on another number entirely: capital spending. Like the hyperscalers pouring hundreds of billions of dollars into AI infrastructure, SpaceX’s growing investment bill raised fresh questions about future cash flow.

That earnings sell-off only added to concerns surrounding today’s lockup expiration. According to the SpaceX prospectus, the first lockup tranche becomes eligible for sale “on or after the second full trading day on Nasdaq immediately following” the release of second-quarter results. Because earnings were announced after the close on Aug. 4, today marked the first major unlock.

The numbers are eye-opening.

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