SPCX Falls More Than 4% as 319 Million Shares Unlock in Day-90 Lockup Tranche

SpaceX (Nasdaq: SPCX) shares fell more than 4% on September 9, 2026 — from Tuesday's close of $153.47 to around $148.32 — as roughly 319 million previously restricted shares, worth about $49 billion at the prior close, became eligible for trading under the Day-90 tranche of the company's staggered post-IPO lockup schedule. The decline erased the prior session's gain and closely mirrored the market's reaction to the similarly sized 319-million-share unlock on August 20, which also produced about a 4% drop before shares rebounded within a session; it contrasted with the much larger August 6 unlock (911.5M shares), after which SPCX rose 6.1%. Share eligibility does not mean all unlocked shares were sold. Additional unlocks are scheduled: roughly 59.1 million affiliate shares on September 10, and a much larger tranche of about 328 million shares tied to November earnings. Pivotal Research analyst Jeffrey Wlodarczak, initiating coverage with a Buy rating and $220 price target, said SpaceX's valuation depends heavily on making Starship rapidly reusable.