SpaceX Stock Drops 4% on Heavy Volume as Post-IPO Unlock Pressure Persists

SpaceX (NASDAQ: SPCX) declined 4.05% to $134.00 on Wednesday, August 20, 2026, on volume exceeding 119 million shares, as the stock enters its third month of public trading amid the gradual expiration of post-IPO share lock-up agreements that have introduced recurring bouts of elevated selling pressure.

The session was one of the heaviest-volume days since the company's June 12 IPO, which priced at $135 per share and valued SpaceX at approximately $1.77 trillion, the largest public offering in market history. SPCX opened at $150 on its first day and closed at $160.95. Since then the stock has pulled back toward its IPO price as early insiders gained the ability to sell.

The share unlock schedule

SpaceX arranged a staggered lock-up schedule for the various share classes held by employees, early investors, and other pre-IPO shareholders. The first major expiration came on August 6, 2026, when 911.5 million shares became eligible for trading, according to CNBC. A second tranche of approximately 319 million shares followed shortly after, per 247 Wall St., bringing the total of newly eligible shares above 1.2 billion in a matter of weeks.

Together, these two events roughly doubled the tradeable float available to the market and have corresponded with a string of above-average volume sessions. Additional lock-up tranches tied to specific share classes have not been publicly detailed by SpaceX, though the standard 180-day lock-up from the June 12 IPO date would bring the broadest expiration in early December 2026.

Fundamentals remain strong

The selling pressure has arrived against a backdrop of rapidly improving company results. In its first earnings release as a public company on August 4, SpaceX reported quarterly revenue of $7.81 billion, a 92% increase year over year. The company's AI segment posted 247% growth in the period, and Starlink global subscribers doubled to 12 million.

The Wall Street consensus on SPCX stands at Moderate Buy. The average 12-month analyst price target is approximately $218 per share, according to data compiled by Investing.com, implying roughly 63% upside from the August 20 close of $134.00. Over the trailing month, SPCX has still gained 13.33% despite the recent pullbacks.

What to watch

Investors tracking SPCX should monitor any company disclosures about upcoming share class unlock dates, which would be the most direct catalyst for further elevated-volume sessions. Beyond the unlock calendar, the next scheduled event on the company's public communications timeline is its next quarterly earnings report. Starlink subscriber growth and the AI segment revenue trajectory are the two metrics analysts have cited most frequently in their coverage since the IPO.

For the full SpaceX stock hub, including the live chart, valuation context, and a guide to buying SPCX shares, see: SpaceX stock (NASDAQ: SPCX): price, valuation, and how to buy.

Not investment advice.