SpaceX’s Post-IPO Slide Could Worsen as Lockup Looms

SpaceX’s stock SPCX has tumbled from its IPO highs, with roughly a 25% drop in a month, as August 4’s lockup cliff threatens a flood of newly tradable shares. Insiders (including Elon Musk and Gwynne Shotwell) last traded June 11, fueling supply concerns ahead of an earnings snapshot that could matter less than the wave of unlocked shares. Bears point to skewed options (november puts/calls around 3.03; March 2027 near 16) and weakening sentiment, while competition and mixed catalysts temper SpaceX’s bull case. The setup suggests further downside unless insiders extend the lockup or SpaceX delivers a clear commercial breakthrough before the data.)