SpaceX shares fell more than 4% Wednesday after up to 319 million previously locked-up shares became eligible for sale, reversing the stock’s gain a day earlier. The shares were worth about $49 billion at Tuesday’s $153.47 close, although eligibility does not mean that all of them changed hands. The move resembled the stock’s reaction to a similar 319 million-share unlock on Aug. 20, when shares also declined about 4% before rebounding the next session. SpaceX rose after a larger tranche became eligible earlier in August, highlighting the uneven market response to additional supply. Further releases include up to 59.1 million affiliate-held shares on Thursday and roughly 328 million shares on Sept. 24. Pivotal Research analyst Jeffrey Wlodarczak initiated coverage with a Buy rating and a $220 price target, saying the company’s roughly $2 trillion valuation depends heavily on Starship becoming rapidly reusable. Prediction-market traders put the probability of Flight 14 launching by Sept. 30 at about 85% and of a successful splashdown at 84%.