SpaceX shares rose after the expiration of an IPO lock-up period released about 911.5 million additional shares for trading, sharply increasing the company’s public float.
SpaceX shares climbed on Thursday despite expectations that the expiration of the company’s initial public offering lock-up could increase selling pressure.
About 911.5 million additional shares became eligible for trading, more than doubling the number of SpaceX shares available to public investors following its June IPO.
The increased supply gives early investors and other shareholders greater flexibility to sell their holdings, while potentially improving liquidity in the stock. Investors had been watching the lock-up expiration closely for signs of increased selling.
SpaceX shares nevertheless moved higher during the session, suggesting demand remained strong enough to absorb the additional supply.
The stock was still trading below its $135 IPO price, underscoring the volatility surrounding the company since its debut as a publicly traded business.
The lock-up expiration represents an important test for SpaceX as investors continue to assess its valuation, growth prospects and position in the increasingly competitive space industry.
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