The company reported no BTC sales in the second quarter, but shares fell before the open as investors focused on capital spending, free cash flow pressure and a looming insider lockup expiry.

SpaceX (SPCX) trades down near $107 ahead of debut earnings. Wall Street holds a Buy rating with a consensus $229.96 price target.

SpaceX's stock is too far below a key IPO threshold to trigger an extra 456 million-share lock-up release, leaving only the Aug. 5 expiration.