SpaceX stock advanced more than 6% following the release of up to 911.5 million previously restricted shares, a development that more than doubled the company’s public float. The gain came despite widespread expectations of selling pressure and followed a sharp decline after the firm’s first quarterly results as a public company.

Shares of SPCX, which debuted on the Nasdaq in June, had fallen from highs near $173 toward levels around $105 to $108 in the days leading up to the unlock. On the day the shares became eligible for trading, the stock moved from a prior close near $108 into the mid-$110s, with one session closing up 6.1% after fluctuating earlier.

Unlock Details and Market Reaction

The August 6 release covered shares held by employees and early investors, valued at roughly $100 billion based on recent trading levels. Before the event, the public float stood near 639 million shares. The newly eligible shares expanded the tradable supply by about 140%.

Holders face no requirement to sell immediately. Anti-flipping provisions and staggered vesting schedules mean the full volume is unlikely to reach the market at once. Additional smaller unlocks are scheduled in the coming weeks and months, with larger tranches tied to later earnings reports and the end of the main 180-day period in December. Elon Musk’s substantial holdings remain restricted until around June 2027.

Trading volume rose notably, with more than 255 million shares changing hands in one report, the highest since the early post-IPO sessions. The stock’s resilience after a prior-session drop of about 12% to 14% suggested that much of the anticipated supply pressure had already been priced in.

Second-Quarter Performance

SpaceX reported second-quarter revenue of $7.81 billion, a 92% increase from the prior year and above analyst estimates. The net loss narrowed to $541 million amid continued heavy spending on artificial intelligence infrastructure and growth projects. One account noted an unexpected profit contribution from the company’s AI business.

The results marked the firm’s first public earnings release. Analysts remained divided in their responses. Bernstein maintained an Outperform rating and raised its price target to $248 from $239, citing stronger revenue expectations and improving compute pricing. Piper Sandler reduced its target to $140 from $156, pointing to potential execution challenges.

Joint Semiconductor Investment

On the same day as the unlock focus, SpaceX and Tesla announced an initial $16.8 billion investment to begin construction of Terafab, an advanced semiconductor facility in Grimes County, Texas. The site is planned to exceed 100 million square feet and is described as the largest and most valuable manufacturing building of its kind.

The vertically integrated plant will produce, package and test advanced logic and memory chips under one roof. Output is intended to support Tesla’s Optimus robots and Cybercabs as well as high-power chips for SpaceX’s planned space-based data centers. The project is expected to create at least 3,000 jobs. Future expansion phases could raise the total investment substantially higher.

Texas has provided support through a $30 million enterprise fund grant and tax incentives under the state’s Jobs, Energy, Technology and Innovation program. The companies have indicated the facility will help address a projected shortfall in global chip supply relative to their future compute needs.

Broader Context and Upcoming Events

The share unlock and the Terafab announcement arrived amid heightened attention on SpaceX’s capital demands and long-term growth initiatives, including Starship development and mobile communications expansion through Starlink. The stock had already absorbed significant declines from its post-IPO peak before the lockup event.

Further time-based unlocks are expected later in August, September and October. Larger releases linked to third-quarter results are scheduled for November, followed by the completion of the main lockup period in December. These steps will continue to expand the tradable float through the remainder of 2026.

Market participants are monitoring whether additional supply will be absorbed without sustained downward pressure, alongside progress on the semiconductor project and ongoing operational performance.