SpaceX sets earnings date, triggering first lock-up expiration for millions of shares
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- SpaceX set Aug. 4 as its first-ever earnings report date following June's record IPO, sending shares up 7% Tuesday and snapping a seven-day losing streak.
- The report triggers a staggered lock-up: up to 911.5 million shares — 20% of insiders' eligible locked-up stock — can be sold starting Aug. 6, the second full trading day after the release.
- An additional 10% of locked-up shares unlocks only if SpaceX closes at least 30% above the $135 IPO price for five of ten trading days heading into the report, a roughly $175.50 threshold.
- Musk's net worth has plunged from above $1 trillion on June 12 to roughly $786 billion Monday per Forbes, with SpaceX shares shedding about 43% from their June 16 closing high of $211.39.
- Short sellers have ramped up bearish bets to roughly a third of SpaceX's public float; Musk blasted them on X, warning that 'the survival probability of firms who maintain a significant short position in SpaceX over time is very low.'
- Starship is slated for a Thursday test flight after last week's engine ignition failure aborted the launch; a Falcon 9 carrying 24 Starlink satellites is also scheduled to fly Tuesday.
Why it matters: The Aug. 6 lock-up release makes up to 911.5 million shares eligible for sale at a moment when bearish bets already cover about a third of the public float. The extra 10% unlock requires shares to climb 30% above the $135 IPO — a tall order given the 43% drawdown from the June 16 high that already shaved Musk's net worth from $1 trillion to $786 billion.
