SpaceX rides earnings beat and staggered unlock past dilution risk

SpaceX (SPCX) posted a Q2 earnings beat as a public company, easing some AI-capex jitters, but then faced a large, staggered lock-up unlocking 911.5 million shares across nine tranches, expanding the free float to about 11.8% of shares outstanding. Despite expectations of selling pressure, the stock jumped about 15.8% on Friday and finished the week up roughly 23%. Analysts cautioned the unlock could be a near-term technical drag, underscoring that SpaceX must keep delivering strong results to justify its valuation as more unlocks approach.