SpaceX stock swings around lockup, earnings

SpaceX (SPCX)’s first public earnings report in early August 2026 was followed by a sharp drop in its share price. The stock declined about 13.6% the trading day after the release, as investors reacted to the company’s spending and growth plans.

In the report, SpaceX disclosed second-quarter capital expenditures of $18.4 billion. The size of this outlay drew attention in the market and was cited as a key factor behind the immediate post-earnings sell-off.

Alongside the spending figures, management reiterated aggressive long-term revenue ambitions, stating that annual revenue could reach $1 trillion by 2030, moving the target forward from a previous 2031 goal. The combination of heavy near-term investment and distant revenue targets framed the initial reaction to the results.

Soon after the earnings-driven decline, SpaceX faced its first major post-IPO lockup expiration. Just over 911 million shares became eligible for trading when the tranche expired, representing about 7% of the company’s shares outstanding.

The size of the newly tradable block exceeded the roughly 639 million shares sold in the company’s IPO, making the event a significant test of market appetite. On the session cited, trading volume surged, with more than 255 million shares changing hands as the additional supply hit the market.

Despite concerns that such a large unlock could pressure the stock, SpaceX shares closed higher on the day the lockup tranche became available. The market’s ability to absorb the extra liquidity without a steep decline was closely watched by investors.

In the sessions following the lockup expiry, SpaceX shares staged a notable recovery. The stock logged double-digit percentage gains over the week, including an advance of about 12% the day after insider lockup provisions expired.

Live market data during this period showed SpaceX frequently posting single- to double-digit daily percentage moves. One intraday snapshot showed a price change example of about +6.14%, highlighting the degree of short-term volatility.

Quote pages also listed a market capitalization figure in the low-trillions of dollars, consistent with a very large public float and underscoring the company’s scale even amid sharp price swings. The combination of high trading volumes and sizable valuation framed the stock as both heavily traded and highly sensitive to news.

Taken together, the earnings reaction and lockup event underscored the tension between SpaceX’s aggressive investment strategy and investor tolerance for volatility. The initial 13.6% drop after earnings reflected concern over the $18.4 billion quarterly capital expenditure, while the subsequent rebound suggested confidence in the company’s long-term trajectory among a significant portion of the market.

The successful absorption of more than 911 million newly unlocked shares, coupled with a strong price recovery, indicated robust demand for the stock despite short-term swings. At the same time, the large daily moves and low-trillions market capitalization highlighted that sentiment can shift quickly as new financial and trading information emerges.