SpaceX stock posted one of its strongest sessions since its June public debut, rising more than 15% on Friday to close near $133. The advance followed a solid gain the previous day and brought the shares within striking distance of their $135 initial public offering price. The move added tens of billions of dollars in market value and reversed a substantial portion of the recent decline that had pushed the stock as low as the mid-$100s.

Trading volume expanded sharply as buyers stepped in. The stock opened near $115, dipped briefly, then accelerated through the session. After-hours activity pushed prices a bit higher still. Over the two days surrounding the lockup event, the shares recovered roughly a quarter of their value from recent lows.

Lockup Expiration Brings No Flood of Selling

The catalyst was the first major release of restricted shares. On Thursday, 911.5 million Class A shares held by employees and early investors became eligible for sale. That step lifted the tradable float from about 4.9% to 11.8% of shares outstanding and made stock worth roughly $100 billion available in theory.

Many market participants had prepared for significant supply. Instead, selling remained limited. Shares rose more than 6% on the day the shares unlocked and then accelerated the following session. Analysts noted that the sharp drop in the preceding weeks had already discounted much of the potential dilution.

Additional unlocks remain scheduled through the rest of the year. Further tranches are due in late August and September, with the cumulative available float potentially reaching a much larger portion of the company by early December. Elon Musk’s substantial personal stake stays restricted until mid-2027.

Strong Earnings and Analyst Upgrade Fuel Momentum

The rally received additional support from SpaceX’s first earnings report as a public company. Revenue reached $7.8 billion, a 92% increase from the prior year and well above expectations. Adjusted earnings before interest, taxes, depreciation and amortization also exceeded forecasts by a wide margin.

Argus Research upgraded the stock from Hold to Buy and kept a $160 price target. The firm pointed to early signs that heavy spending on artificial intelligence infrastructure is beginning to show returns. Other voices on Wall Street remained divided. Some described the company as a long-term compounder capable of much higher valuations over several years, while others cautioned that the remaining supply of newly unlocked shares could still weigh on the price in the nearer term.

Institutional activity added another layer. ARK Invest purchased additional shares in the days surrounding the lockup, signaling continued interest from growth-oriented funds.

Tokenized Trading and Short Positioning Intensify Activity

Demand appeared across both traditional markets and tokenized versions of the stock. On one major crypto platform, trading volume in the tokenized SpaceX product approached $700 million across consecutive sessions as global participants positioned around the unlock. Open interest in related derivatives also expanded, with liquidations skewed toward short positions.

Short interest had climbed ahead of the earnings release and lockup date, reaching roughly 219 million shares, or about one-third of the then-available float. The absence of a sharp decline left some of those positions exposed, contributing to the upward momentum as covering activity joined fresh buying.

Options markets showed a clear bullish tilt. Call open interest substantially outnumbered puts, with notable concentrations at strikes between $130 and $160 for the remaining August expirations.

Macro Backdrop and Technical Picture

A softer-than-expected U.S. employment report provided a supportive backdrop for growth stocks. Nonfarm payrolls declined by 23,000 in July against forecasts for a solid gain. The data reduced near-term expectations for further Federal Reserve rate increases, lowering the discount rate applied to future earnings of capital-intensive companies such as SpaceX.

On the chart, the stock broke above a descending channel that had contained the post-IPO decline. Immediate resistance appeared near the recent highs around $133 to $135, with further levels marked by Fibonacci retracements near $138 and $151. Momentum indicators moved into elevated territory after the rapid two-day advance, leaving room for consolidation even as buyers retained control of the short-term trend.

The stock remains well below its June peak above $225, when the market capitalization briefly exceeded $2 trillion. Whether demand continues to absorb the remaining scheduled share releases will shape the path in the months ahead.

More share unlocks are scheduled for August 20, early September, and later in the fall. Market participants will watch the pace of any distribution from early holders and the company’s ability to convert its AI and Starlink investments into sustained growth as those tranches arrive.