SpaceX snaps 7-day losing streak, sets earnings date that triggers first big share unlock
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- SpaceX stock gained 3% Tuesday, ending a seven-day losing streak, after the company set Aug. 4 as its debut earnings date following June's record IPO at $135 per share.
- The Aug. 4 report triggers a unique staggered lock-up, freeing up to 911.5 million shares (20% of locked-up stock) for insider sales starting the second full trading day after earnings, Aug. 6.
- An additional 10% of locked shares could be freed if SpaceX closes at least 30% above the $135 IPO price for five of the ten trading days before the report.
- Shares had shed nearly 43% from the all-time closing high of $211.39 set June 16, with Musk's net worth falling from above $1 trillion on June 12 to roughly $786 billion on Monday.
- Short sellers have built bearish positions reaching about a third of SpaceX's public float, prompting Musk to post that 'the survival probability of firms who maintain a significant short position in SpaceX over time is very low.'
- SpaceX scrubbed a Falcon 9 launch Monday and is modifying Starship's propulsion system after Thursday's planned flight was halted by an engine ignition failure.
- Google, Anthropic, and Reflection have signed up to rent compute capacity from SpaceXAI's Memphis data centers, with the company also reportedly in talks to provide compute to the Pentagon.
Why it matters: SpaceX's first earnings test comes with the stock already down 43% from its June high and short sellers controlling roughly a third of the public float — a setup that turns the Aug. 4 report into a binary catalyst where even a 30% rally above the $135 IPO price could automatically unlock another 10% tranche of insider shares on top of the 911.5 million already eligible to sell.
