TLDR
- SpaceX stock gained 3% on Tuesday, ending a seven-day losing streak
- The company set Aug. 4 as its first-ever earnings report date
- The earnings date triggers a lock-up expiration, allowing insiders to sell up to 20% of eligible locked-up stock from Aug. 6
- SpaceX launched a Northrop Grumman satellite maintenance mission from Cape Canaveral on Tuesday evening
- Starship’s 13th test flight is scheduled for July 23 after last week’s engine ignition failure caused a scrub
SpaceX stock climbed 3% to $123.91 in premarket trading on Wednesday, building on Tuesday’s 3.1% gain that snapped a seven-day losing streak.
Space Exploration Technologies Corp., SPCX
The stock is still down nearly 40% from its record closing high of $211.39 reached on June 16, just days after its record-setting IPO priced at $135 per share.
SpaceX set Aug. 4 as the date for its debut earnings report following its record $85.7 billion IPO — the largest in history.
That date matters for more than just financials. It triggers the company’s staggered lock-up expiration, allowing insiders to sell up to 20% of their eligible locked-up stock — totaling as many as 911.5 million shares — starting Aug. 6.
An additional 10% of locked-up stock could be freed up if the stock closes at least 30% above the IPO price for five of the ten trading days heading into the report.
Short sellers have been circling. Bearish positioning recently hit roughly a third of the company’s public float. Elon Musk pushed back on Monday, writing on X that “the survival probability of firms who maintain a significant short position in SpaceX over time is very low.”
Starship Set for Thursday Launch
Starship’s 13th test flight is now scheduled for July 23, after the mission was scrubbed last week due to an engine ignition failure.
“Some of the engines didn’t start, triggering an automatic launch abort,” Musk said. SpaceX said it modified the rocket’s propulsion system to fix the issue.
Starship is the world’s largest rocket ever built or flown. SpaceX says it can cut the cost of reaching orbit by 90%, which underpins the company’s $1.6 trillion valuation and its ambitions for an orbital AI business.
The rocket is also central to SpaceX’s Starlink satellite internet expansion and its NASA Artemis contracts, which aim to return astronauts to the lunar surface in 2028.
On Tuesday evening, SpaceX launched the Northrop Grumman MRV-MEP mission from Cape Canaveral. The mission involves a robotic vehicle used for satellite maintenance and life extension in geosynchronous orbit.
Falcon 9 Booster Completes Final Flight
The launch also marked the 32nd — and final — flight for the Falcon 9 first-stage booster used in the mission.
SpaceX noted the booster had reached its limit due to the extra performance required to reach geosynchronous transfer orbit.
Musk’s net worth stood around $786 billion as of Monday, down from over $1 trillion at the time of the IPO on June 12, according to Forbes.
SpaceX stock traded at $123.54 at Tuesday’s close.
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