SpaceX announced on Monday that it will post its first earnings report on Aug. 4, triggering the expiration of its first lock-up period that allows insiders to sell up to 911.5 million shares. The aerospace company's stock gained 5% on Tuesday following the announcement. The earnings date activates SpaceX's unique staggered lock-up structure, which permits investors to sell 20% of their eligible locked-up stock earlier than the typical 180-day period. SpaceX shares have declined 43% from their all-time closing high of $211.39 on June 16, while Elon Musk's net worth stood at approximately $786 billion on Monday, down from over $1 trillion on June 12.
SpaceX Stock Declines 43% from June 16 High
As of Monday's close, SpaceX shares had shed nearly half their value from the company's intraday high of $225.64 per share on June 16. The stock closed at $211.39 on that same day, marking its all-time high closing price.
The Aug. 4 earnings report will allow investors to sell 20% of their eligible locked-up stock, totaling up to 911.5 million shares. An additional 10% could be freed up if the stock closes at least 30% above the IPO price for five of the ten trading days heading into the report.
Short sellers have increased their positions in recent weeks, with bearish positioning reaching about a third of the company's public float. Musk responded to short sellers in a post to social media platform X on Monday, writing: "The survival probability of firms who maintain a significant short position in SpaceX over time is very low."
SpaceX Schedules Falcon 9 and Starship Launches This Week
SpaceX is planning to launch a Falcon 9 rocket carrying 24 Starlink satellites into low orbit on Tuesday after scrubbing the mission before takeoff on Monday. This was the second cancelled launch from SpaceX in a week.
The company plans to launch its Starship rocket on Thursday after halting the mission last week due to an engine ignition failure. "Some of the engines didn't start, triggering an automatic launch abort," Musk said in a post on X. The company said it was modifying the rocket's propulsion system to address the engine issues.
SpaceX raised a record $85.7 billion in its initial public offering in June, pricing shares at $135. The Starship rocket is key to SpaceX ambitions to scale its Starlink satellite internet service and fulfilling obligations to NASA's Artemis program, which aims to bring astronauts back to the lunar surface in 2028.
SpaceXAI Secures Cloud Computing Contracts with Google and Anthropic
SpaceX acquired Musk's AI venture, xAI, now called SpaceXAI, in February, becoming the owner and operator of data centers and a power plant in Greater Memphis. Google, Anthropic and Reflection have signed up to rent excess compute capacity from SpaceXAI at those facilities.
The company is also reportedly in talks to provide the Pentagon with compute capacity. SpaceX is planning to build out the Terafab, a chip factory in Grimes County, Texas, where Tesla is expected to lead R&D and SpaceX is expected to lead production.
Tesla Earnings Report Scheduled for Wednesday
Musk's first publicly traded company, Tesla, is expected to report earnings after the bell on Wednesday. Institutional investors have submitted questions ahead of time to Tesla leadership via the Say Technologies website.
Among SpaceX-related topics, Tesla investors want to know how the two companies plan to collaborate on the Terafab chip factory. SpaceX COO and President Gwynne Shotwell told CNBC that consolidating Musk's empire would make his life easier.
FAQ
What did SpaceX announce on Monday regarding its earnings report?
SpaceX announced on Monday that it will post its first earnings report on Aug. 4. This date triggers the expiration of the company's first lock-up period, allowing insiders to sell up to 911.5 million shares, representing 20% of their eligible locked-up stock.
How much has SpaceX stock declined from its all-time high?
As of Monday's close, SpaceX shares had declined 43% from their all-time closing high of $211.39 on June 16. The stock had reached an intraday high of $225.64 per share on that same day.
What rocket launches does SpaceX have scheduled this week?
SpaceX is planning to launch a Falcon 9 rocket carrying 24 Starlink satellites on Tuesday after scrubbing the mission on Monday. The company also plans to launch its Starship rocket on Thursday after addressing engine ignition issues that caused a launch abort last week.
