Space Exploration Technologies Corp (NASDAQ:SPCX) shares are dropping on Thursday as the company’s second post-IPO lockup expiration frees up roughly 319 million shares for trading.
SpaceX stock is among today’s weakest performers. Why are SPCX shares down?
Second Lockup Expiration Hits Thursday
Thursday’s lockup expiration lands on SpaceX’s 70th day trading as a public company, building on an earlier round two weeks ago that put roughly 912 million shares into circulation and pushed the stock’s public float up from under 5% to more than 12%.
That earlier unlock hasn’t stopped the stock from finding its footing recently. SpaceX rallied 4.17% to close at $145.84 on Monday after new 13F disclosures showed multiple large institutions had taken multibillion-dollar positions in the company, a move that carried shares back above their $135 IPO price.
