SpaceX’s first earnings report since its listing, together with the coming supply of a large chunk of shares available for public trading, will test the strength of the artificial intelligence trade’s recovery, which has driven the S&P 500 within striking distance of its record high and helped Hong Kong equities outperform.The first set of results from SpaceX as a publicly traded company will be under close scrutiny, with Elon Musk’s commercial aerospace unit viewed as a gauge of investors’ willingness to fund capital-intensive technology. The numbers are due after the market close on Tuesday, US time.Another test will follow two days later, when the trading restrictions on part of SpaceX’s initial public offering (IPO) shares expire, setting the stage for one of the biggest stock unlocks in global capital markets.The first lock-up expiry is expected to more than double the number of free-float shares, adding pressure to a stock already trading below its offer price.The lock-up expiry may ultimately be more important than the quarterly numbers. It introduces a large new source of supply into a stock that has already fallen sharply from its post-IPO peakStephen Innes, managing partner, SPI Asset ManagementCapitalised at US$1.5 trillion, SpaceX ranks alongside the so-called US Magnificent Seven of tech stocks – Nvidia, Microsoft, Apple, Alphabet, Amazon.com, Meta Platforms and Tesla – and is big enough to sway sentiment in the AI sector.Any spillover would have repercussions for stocks in Hong Kong and mainland China, where investors look to the US for clues on trading strategies.