SpaceX Investors Prepare for Record-Breaking Stock Unlock Amid Earnings Pressure

SpaceX investors are facing a massive stock unlock on Thursday when 911.5 million shares worth an estimated $101B to $123B become tradable for the first time. This represents a 143% increase in the tradable float, making it the largest single-day stock unlock in US public listing history.

The company went public on June 12, 2026, with only 5% of total shares floated initially. The initial float was unusually small, and this is the first of multiple scheduled tranches, with additional shares becoming tradable in subsequent months.

SpaceX's Q2 earnings report on August 4 did beat revenue expectations but revealed high capital expenditures and free cash flow pressures. The stock dropped as much as 11% in pre-market trading after the report, and investors are now bracing for a significant increase in share supply.

The company also disclosed a $540 million unrealized loss on its Bitcoin holdings during Q2. This represents a material exposure to an asset class that remains volatile and increasingly scrutinized by institutional investors.

Elon Musk's own substantial holdings remain locked until mid-2027, but the upcoming stock unlock is expected to have a significant impact on the company's liquidity story.