SpaceX's first lockup expiration took effect on August 6, making 911.5 million shares available for trading worth roughly $116 billion. The initial tranche, representing 20% of eligible insider holdings, is the first of eight scheduled expirations running through December.
The unlock follows a volatile period for the stock, which tumbled 46% from a peak valuation of $2.6 trillion after its June Nasdaq debut. Short interest has swelled in anticipation of post-expiry selling pressure. The company reported second-quarter revenue of $7.8 billion, nearly double year-over-year, driven by Starlink's growth to 12 million customers, though it posted a net loss for the quarter.
Longtime employees stand to benefit. Engineer Andre Lavoie, who joined in 2009 designing rocket pressure tanks, holds shares worth about $23 million and plans to fund a hotel renovation in Italy and a brewery with the proceeds.