SpaceX will celebrate its IPO on June 12, 2026 on Nasdaq.
Adam Jeffrey | CNBC
SpaceX stock rose 7% on Tuesday, looking to end a seven-day losing streak after the company released its first earnings report, which coincided with the deadline for a major stock lockup.
Elon Musk’s aerospace and defense contractor on Monday released its first financial report since its record initial public offering on Aug. 4. The company’s unique lock-up period will also kick in that day, allowing insiders to begin selling their shares earlier than the normal 180 days.
SpaceX adopted a staggered approach, allowing insiders to sell portions of their shares at earlier intervals to prevent heavy selling and price volatility. The first earnings report paves the way for investors to sell up to 911.5 million shares, or 20% of their eligible lockup shares, on the second full day after the first earnings release date, Aug. 6.
An additional 10% could be released if the stock closes at least 30% above the IPO price in 5 of the 10 business days leading up to the start of the report.
As of Monday’s close, SpaceX stock was nearly half the company’s intraday high of $225.64 per share on June 16, and down 43% from its all-time high of $211.39 per share on the same day.
Mr. Musk’s net worth was about $786 billion as of Monday, up from more than $1 trillion as of June 12, according to the Forbes Real-Time Riches Index.
SpaceX stock price chart.
The stock has also become a prime target for short sellers in recent weeks, with bearish positions most recently amounting to about a third of the company’s publicly traded shares.
Given the lockup, only a fraction of the shares are available for trading, and short sellers are increasing their bets as stocks plummet. Musk criticized the group in a post on social media platform X on Monday.
“It is highly unlikely that a company that maintains a significant short position in SpaceX for an extended period of time will survive,” he wrote.
SpaceX plans to launch a Falcon 9 rocket carrying 24 Starlink satellites into low orbit on Tuesday, after completing the mission before takeoff on Monday.
This is the second launch cancellation by SpaceX in the past week. The company plans to launch its giant Starship rocket on Thursday after aborting the mission last week due to an engine ignition failure.
“Part of the engine failed to start, causing an automatic launch abort,” Musk said in a post on SpaceX’s social network X. The company said it was modifying the rocket’s propulsion system to address the engine issue.
Investors are closely watching the Starship test flight after SpaceX raised $85.7 billion in June in the largest initial public offering in history, with its stock price at $135.
The giant rocket is the largest ever built or flown, and is key to SpaceX’s ambitions to expand its Starlink satellite internet service and fulfill various obligations for US space agency NASA’s Artemis program, which aims to return astronauts to the moon in 2028.
Musk also called Starship the “holy grail” of space travel and hopes it will one day be used for space tourism and manned missions to Mars.
Investors are also keeping an eye on SpaceX’s expansion of cloud computing deals. The company acquired Musk’s AI venture xAI (now called SpaceXAI) in February, making it the owner and operator of a vast data center and power plant in Greater Memphis.
Google, Anthropic, and Reflection have agreements to lease excess computing power at these facilities from SpaceXAI (now known as xAI companies). The company is also reportedly in talks to provide computing power to the Department of Defense.
Musk’s first listed company teslais expected to report results after the bell on Wednesday. Institutional investors have submitted several questions to Tesla management in advance through Sei Technologies’ website.
Among other SpaceX topics, Tesla investors want to know how the two companies plan to work together on the TerraFab chip factory that Musk plans to build in Grimes County, Texas. Tesla is expected to lead research and development at TerraFab, while SpaceX is expected to lead production.
As CNBC previously reported, many of Mr. Musk’s fans want to see his empire strengthened and hope that SpaceX and Tesla will one day merge. SpaceX Chief Operating Officer and President Gwynne Shotwell told CNBC that it would make Musk’s life easier.
