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.