A Chinese Company Reached a Milestone Characteristic Of SpaceX. Shares Of Musk’s Company Are Dropping.

SpaceX's stock is dropping on Wednesday after a Chinese company managed to land a rocket booster for the first time, a feat characteristic of the company owned by Elon Musk.

LandSpace landed the first stage of its Zhuque-3 rocket on a pad. It is the first time a Chinese company managed to do so, potentially reducing the edge SpaceX has over other aerospace companies.

However, SpaceX has landed boosters more than 600 times, compared to LandSpace's one. Regardless, the stock fell 2.50% on Wednesday at 1:53 p.m. ET, clocking in at $139.76. Shares have been hovering around the IPO price of $135 over the past days.

The biggest investors of the company have been revealed recently. More than 1,500 investors have now disclosed positions in SpaceX, but the ownership revealed in regulatory filings is heavily concentrated. Just 23 investors control more than 80% of the shares reported, according to a Yahoo Finance analysis. At the other end of the spectrum, nearly 1,340 investors disclosed positions of fewer than 100,000 shares each, collectively representing less than 1% of reported holdings.

The disclosures come two months after SpaceX began trading publicly under the ticker SPCX on June 12. The company priced its initial public offering at $135 a share and ultimately sold nearly 639 million shares after underwriters exercised their option for additional stock, raising approximately $85.7 billion in gross proceeds.

Among institutional investors, Alphabet stands far above the rest. Google's parent company disclosed more than 551 million SpaceX shares, a position worth roughly $77 billion based on Friday's closing price.

Fidelity reported about 303 million shares, while Gigafund disclosed nearly 172 million and Saudi Arabia's Public Investment Fund held approximately 154 million. Nvidia reported nearly 123 million shares.

Nvidia's position is another notable addition to the shareholder list. The chipmaker's nearly 123 million shares were valued at about $17 billion based on Friday's price, illustrating the increasingly intertwined financial relationships among some of the largest companies in the technology and artificial intelligence industries.

Harvard Management Company, which manages Harvard University's endowment, also emerged as a significant investor. Its nearly 13 million SpaceX shares have become the largest individual stock position in its publicly disclosed U.S. equity portfolio, according to Yahoo Finance.

The new filings do not necessarily mean those investors recently bought the shares. Some were longtime SpaceX backers whose holdings are only now appearing in quarterly public-market disclosures following the IPO.

But the ownership revelations are arriving at a particularly sensitive moment for SpaceX stock. Hundreds of millions of shares held by early shareholders are gradually becoming eligible for sale as restrictions imposed around the IPO expire. About 912 million shares became tradable on Aug. 6. Instead of triggering the selloff some investors feared, the stock rose sharply, including a 16% gain the following trading day.