SpaceX Stock Climbs Back To its IPO Price As It Rebounds After Lockup Expiration

SpaceX has gone back to its IPO price as the stock continues to rebound on Monday.

Concretely, Shares gained more than 2.5% at 11:04 a.m. and clocked in at $136.68. They have climbed more than 23% since Thursday, when it stood below $107.

The company led by Elon Musk had already soared more than 15% on Friday after overcoming two major hurdles that many investors expected would send the stock tumbling: the company's first quarterly earnings report as a public company and the largest lock-up expiration since its June initial public offering.

Last week, however, began on an uncertain note. On Tuesday, SpaceX reported second quarter results that exceeded Wall Street expectations, with revenue and adjusted EBITDA coming in well above analyst forecasts. However, the stronger-than-expected financial performance failed to reassure investors worried about the company's rapidly rising spending on artificial intelligence infrastructure.

Those concerns centered on capital expenditures, which surged to $15.8 billion during the quarter, more than doubling from $7.7 billion in the first quarter. Investors reacted swiftly, sending the stock down 13.6% on Wednesday, marking a new all-time closing low.

The selloff reflected broader market concerns about whether companies investing aggressively in artificial intelligence can generate sufficient returns to justify soaring infrastructure costs. While SpaceX's revenue growth remained strong, the scale of its spending became the dominant storyline following the earnings release.

On Thursday, approximately 911.5 million previously restricted shares became eligible for trading in the company's first and largest lock-up expiration. The newly unlocked shares represented roughly 43% more stock than the 638.9 million shares originally offered in the IPO, more than doubling SpaceX's public float.

The freely tradable portion of outstanding shares increased from 4.9% to 11.8%, creating concerns that early investors and insiders would rush to sell, flooding the market with additional supply and pushing prices even lower.

Instead, the opposite happened. SpaceX shares gained 6.1% on Thursday, surprising many analysts who had anticipated heavy selling pressure. The stock extended those gains on Friday, getting close to the IPO price on Friday and climbing back above on Monday. However, it is still far below its high of almost $202 from shortly after its debut in June.