The stock has faced sustained selling pressure since its initial post-IPO pop, and the primary driver of today’s weakness appears to be investor anticipation of share unlocks on Aug. 6. SpaceX’s first share lock-up expiration is set to release up to 911.5 million shares into a public float that currently represents only around 4% to 5% of the company’s total share count.
The prospect of that kind of supply hitting a market with such limited tradeable stock has kept a ceiling on any recovery attempt and is widely seen as the most significant near-term overhang on the name. Until that event passes and the market gets a clearer picture of how much of that supply actually makes its way into circulation, many investors appear content to wait on the sidelines or reduce exposure ahead of the date.
Adding to the uncertainty is SpaceX’s first earnings report as a public company, due Aug. 4. Musk has already signaled that investors should not expect the company to manage for near-term results, having made clear he will prioritize decisions that maximize returns over a decade-long horizon rather than any single quarter.
That framing, while consistent with how Musk has run his other ventures, leaves short-term focused investors with little to anchor expectations to ahead of the debut print.
A brief post on X set off the conversation Monday morning. Musk shared an image of Mars’s rocky terrain with the caption “I will not forget about Mars,” a short statement that carries outsized meaning for anyone trying to model where the company’s capital will ultimately go.
Musk laid out two distinct reasons for pursuing the mission. On the practical side, he pointed to Mars’s distance from Earth as a natural form of insurance, noting the roughly six-month transit time would function as an automatic quarantine against pandemics while also limiting the reach of a rogue artificial intelligence or digital attack originating on Earth. On the personal side, Musk was candid that risk mitigation was not what truly drives him.
“What I personally find most motivating is not the risk reduction aspect of extending life beyond Earth, but rather the inspiring nature of exploration and being out there among the stars,” Musk said.
Musk also weighed in on questions about Starship’s ability to stay upright on the Moon, saying stability on any flat lunar surface is far less challenging than on Earth simply because there is no wind to contend with.
SPCX Price Action: SpaceX shares were down 4.36% at $110.05 at the time of publication on Monday. The stock is trading near all-time lows, according to Benzinga Pro.
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.