SpaceX Shares Drop 4.2% as Day 120 Insider Lockup Unlocks Up to $51 Billion

SpaceX shares fell 4.2% to $160.57 on October 9 as its Day 120 insider share lockup expired, releasing roughly 319 million to 328.4 million shares worth up to $51 billion onto the market. The unlock follows an approximately 2.5% decline the prior day amid anticipation of the supply overhang. SpaceX went public on June 12, raising $85.7 billion at a $1.77 trillion valuation with an initial float below 5%. The company has implemented staggered lockup expirations across multiple intervals, with additional unlocks scheduled on calendar days 135 and 180.