SpaceX Shareholders Brace for 328 Million Shares to Trade Freely as NASA Expands Crew Deal to $5.92 Billion
Published on 09/24/2026 at 09:01 | Editorial boerse-global.de
Thursday marks a reckoning of sorts for SpaceX equity. Roughly 328 million shares tied to a contractual lockup are set to become freely tradable, a wave of potential supply that arrives just as the company's public listing settles into its first year on the market.
The expiration does not obligate any holder to sell. Still, recent trading has shown how skittish the stock can be when fresh supply looms. Adding to the unease, SpaceX President and COO Gwynne Shotwell filed a Form 144 yesterday, according to regulatory disclosures. The sale rests on a trading plan adopted back on June 23 under US Securities and Exchange Commission Rule 10b5-1, yet the optics are hard to ignore: when insiders cash out through exercised options, the cushion beneath bullish projections thins.
The market's reaction was swift. By Wednesday, the shares had shed 3.5% to EUR 130.24, down from Tuesday's close of EUR 134.98. In pre-market trading the stock was quoted at EUR 130.64, roughly 33% below its 52-week high of EUR 194.46 — a consolidation that reflects Wall Street's respect for the company's enormous development costs and regulatory hurdles.
A Pipeline of Future Unlocks
Thursday's release is only the opening act. A chain of further lockup expirations stretches into 2027, meaning investors should brace for a market driven less by future euphoria and more by the plain mechanics of supply, demand and quarterly numbers. The gap between visionary ambition and stock-market arithmetic is on full display. A valuation north of the trillion-dollar mark demands not only bold ten-year projections but also the ability to absorb early shareholders' selling intentions.
NASA Deepens Its Bet on Crew Dragon
Against that backdrop, the operational side of the business keeps delivering. NASA recently modified its existing contract with SpaceX, adding $946 million for three more crewed Dragon missions to the International Space Station through 2030. That lifts the total value of the commercial crew program for SpaceX to $5.92 billion — a government partnership that underpins revenue for years to come.
Should investors sell immediately? Or is it worth buying SpaceX?
Reliability is the reason. On September 13, SpaceX completed its 700th Falcon rocket launch, carrying the final three O3b mPOWER satellites into orbit for SES. That cadence speaks to an industrial maturity unmatched in the industry today.
Starship's Orbital Debut Awaits FAA Clearance
Meanwhile, the company's next-generation vehicle is moving toward a milestone. Yesterday SpaceX mated the Starship upper stage to the Super Heavy booster to prepare the rocket for its first orbital flight test. Media reports suggest Flight 14 could launch as early as September 28, though the attempt remains contingent on regulatory approval from the Federal Aviation Administration.
More than a spectacle staged at Boca Chica, Texas, the test showcases the technological lead SpaceX has built over global rivals. A successful orbital flight would bring the vision of a fully reusable heavy-lift rocket within reach — and push the cost per ton of cargo in orbit down sharply.
From Rocket Operator to Technology Platform
The company's revenue mix is shifting, too. CFO Bret Johnsen disclosed a notable computing-capacity agreement on September 10: a contract worth $1.11 billion per month, set to begin on December 1, 2026. The customer's identity was not revealed. The move shows SpaceX is no longer merely a launch provider but a broad technology platform — if existing satellite and IT infrastructure can serve the booming market for AI computation, new margin potential opens up well beyond classic transport services.
That pivot is already visible in the numbers. In the second quarter of 2026, the company posted clear gains, driven by $4.29 billion in connectivity revenue and $2.56 billion from the AI segment. The operating picture remains split: Starlink's satellite business generates operating profits, while rocket manufacturing and AI development booked noticeable operating losses during the quarter. The vision stretches far into the future, from orbital data centers to the hoped-for scaling of the Starship system.
Analyst Brian Gesuale of Raymond James sees room for a price target of $800. Other market participants urge caution, citing heavy capital commitments and unclear termination terms on major contracts.
Weighing it all, the case for the business model still holds. SpaceX pairs a highly profitable, near-monopolistic core operation with enormous growth options in orbit. Should the orbital test flight proceed smoothly in the coming days, it would set the stage for the next strategic chapter — and for market watchers, the company's operational momentum remains one of the more compelling stories in recent economic history.
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SpaceX Stock: New Analysis - 24 September
Fresh SpaceX information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
