SpaceX insiders started selling on August 6, 2026. The first post-IPO lockup period expired that day, releasing approximately 912 million shares onto the market from employees and early investors. That's more than double the existing public float. And there's more coming.
The company built a staggered release schedule. Another 12.9 billion shares could hit the market by mid-2027. For a stock already trading 49% below its June peak, the supply pressure is mounting. SpaceX went public at $135 per share in June. By lockup expiration, shares sat between $111 and $112.
Q2 earnings reveal why the market turned cold. Revenue jumped 92% year-over-year to $7.8 billion, and adjusted EBITDA hit roughly $3.5 billion. The core business generates serious cash. Yet SpaceX posted a net loss of $541 million in the quarter. Part of that came from a $195 million impairment on Bitcoin holdings.
Bitcoin on the balance sheet
SpaceX holds 18,712 BTC valued at approximately $1.1 billion. The company made no Bitcoin sales during Q2, choosing to hold through volatility instead of liquidating to repair the bottom line. That impairment charge matters for context. Under current accounting rules, companies must mark down crypto holdings when prices fall below purchase cost, but they can't mark them back up until they sell. It's a one-way mirror for losses.
The lockup flood arrives at an awkward moment. Insiders unloading 912 million shares in the first wave will test whether 92% revenue growth can absorb the new supply. Twelve billion more shares waiting in the wings through mid-2027 extends the pressure. The fundamental question is simple: does the business grow fast enough to matter, or does supply dynamics overwhelm the narrative.
This article is informational only and does not constitute financial advice. Consult a licensed advisor before making investment decisions.
