The shares fell to an all-time low of $104.83 before closing at $114.53, as investors weighed Tuesday earnings and Thursday's potential release of up to 911.5 million additional shares.
SpaceX shares hit an all-time low of $104.83 on Monday before rebounding to close at $114.53, up almost 6% from Friday, after Elon Musk endorsed the view on X that the selloff could prove to be a buying opportunity. The recovery came as investors focused on two near-term catalysts: earnings due Tuesday and a lockup expiration on Thursday that could free up to 911.5 million shares for sale on August 6. With about 13.2 billion shares outstanding and fewer than 639 million currently tradable, the newly unlocked block would be worth about $104 billion at Monday's close and exceed the existing public float by roughly 1.4 times. The stock remains 15% below its $135 IPO price and about half its record high of $225.64. Short interest has risen to 165 million shares from 111.3 million two weeks earlier, or about a quarter of the tradable float, underscoring expectations of volatility around the unlock. Analysts remain divided: Morgan Stanley's Adam Jonas reiterated a buy view in July with a $300 target when the stock was near $160, while Jim Cramer urged caution until after the unlock. Investors are also looking for more detail on Starlink's economics after the company said the service had 10.3 million subscribers in March.