SPCX Slides Further as Second 319M-Share Unlock Tranche Hits Float

SpaceX shares (Nasdaq: SPCX) closed August 19 at $139.65, down roughly 2.6-3% on the day, as traders de-risked ahead of a second major post-IPO lock-up expiration: on August 20, 2026 approximately 319 million restricted shares held by employees and early investors — about 2.4% of shares outstanding, a potential ~20% increase to the tradable float — became eligible to trade. The stock extended its slide on August 20 itself, trading as low as $132.42 (down about 5.2% from the prior close) in mid-morning trading, though the reaction diverged from the company's first unlock on August 6, when roughly 911.5 million shares hit the float and the stock rose 6% that day and nearly 16% the next. The unlock coincided with confirmation that Starlink generated $4.3 billion in Q2 2026 revenue (55% of SpaceX's total) on 12 million subscribers, up 66% year-over-year, and that the Starlink constellation has grown to roughly 11,000 satellites in orbit. Bear-case analysts continue to flag traditional valuation models implying fair value as low as $10-30/share against SPCX's post-IPO trading range.