911 million SpaceX shares unlock as stock slides 50% from June peak
What's next: More shares can hit the market later this month, in September and in October, adding to pressure after weak post-IPO trading.
SpaceX investors can begin selling a first large block of previously restricted shares Thursday, with about 911 million shares becoming eligible for trading as the stock remains under pressure after its June IPO. The shares closed Wednesday at $108.27, down more than 50% from a mid-June high above $225. The newly tradable stock equals roughly 7% of shares outstanding and exceeds the 639 million shares sold in the IPO. The sell-off deepened after SpaceX reported capital expenditures at more than twice revenue in its first earnings release. More supply may follow soon: another 319 million shares could unlock on Aug. 20, with roughly 700 million more in September and a similar amount in October.