SpaceX rises 6% after more than 900 million shares are unlocked | CNN Business

New York —

More than 900 million SpaceX shares unlocked Thursday, more than doubling the publicly available shares in Elon Musk’s space and AI company and testing investors’ interest in holding a stock that’s struggled since a record-breaking IPO nearly two months ago.

A lockup expiry enables some employees and early investors who bought pre-IPO to sell. While the unlocking makes the shares available to trade, it’s up to the holder whether they want to sell or keep their shares.

SpaceX shares (SPCX) rose more than 6% on Thursday.

The lockup expiry comes after the stock sank almost 14% Wednesday – its second-worst day on record – and closed at $108.27 a share, an all-time low. The company’s Tuesday earnings report revealed larger-than-expected capital expenditures on artificial intelligence, while investors also geared up for the lockup expiry.