Gary Black questioned retail investors buying the SpaceX dip, saying they are overlooking a share unlock that could double the public float.

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.