SpaceX’s Second Lockup Unlock Spurs Sell Rating by DZ Bank

SpaceX’s second post-IPO lockup tranche took effect, freeing up up to 319 million restricted shares (about 7% of shares under the 180-day lockup), with SPCX slipping in premarket trading. DZ Bank initiated coverage on the same day with a Sell rating and a $100 fair value, citing valuation risk given the capital needs to fund SpaceX’s future ventures. Musk owns roughly 48% of SpaceX and cannot sell until June 12, 2027; the unlock follows an August 6 release of about 911.5 million shares and a 389 million-share increase from the Cursor acquisition, with the lockups unwinding across multiple dates rather than all at once.