SpaceX Shares Fall 5% After Post-IPO Lockup Expiration
SpaceX shares declined 5% on Tuesday as investors reacted to a massive share unlock and high capital spending on AI infrastructure.
Shares of Space Exploration Technologies Corp. fell 5% to $131.78 on Tuesday, August 11, 2026. The decline reversed a portion of an 11% rally from the previous Friday, which had been driven by Argus Research upgrading the stock to a Buy rating with a $160 price target based on early returns from AI-infrastructure investments.
Market analysts attribute the pullback to a supply overhang created by a 911.5 million share unlock following the expiration of the June 2026 IPO lockup period. Despite the stock dip, the company reported Q2 2026 revenue of $7.81 billion, including a 247% year-over-year increase in revenue from its AI segment.
Investors remain concerned about the company's high capital intensity, specifically the $15.83 billion spent on AI compute. This spending supports the vision of founder Elon Musk to establish orbital data centers and 15 to 20 gigawatts of AI computing capacity. The downturn appears isolated to SpaceX, as the Procure Space ETF and other space-sector stocks remained mixed or flat.
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