SpaceX Shares Slip Below IPO Amid $109 Billion Lockup

Shares of SpaceX have plunged to a new low, intensifying a debate over the company's valuation as it faces a massive wave of insider stock sales and mounting quarterly losses. The stock closed at $119.85 on Monday, July 20, 2026, marking its seventh consecutive daily decline and falling 46.9% from its post-IPO peak of $225.64. The sell-off has pushed the share price below its initial public offering price of $135, erasing tens of billions in market value from the aerospace giant.

The immediate pressure stems from an impending lockup expiration, one of the largest ever for a public company. Following its earnings report after the market closes on Tuesday, August 4, approximately 911.5 million shares held by employees and early investors will become eligible for sale on Thursday, August 6. At the current share price, this block of stock is valued at roughly $109.2 billion. This potential supply surge represents a significant overhang for the stock, which had only about 5% of its shares available for public trading immediately after its June 12 IPO.

Financial performance is adding to investor concerns. The company reported a net loss of $4.937 billion for its 2025 fiscal year, a...