Jim Cramer called SpaceX’s newest deal “HUGE” on Thursday. On Friday morning, he posted a printout tracking something else. It counts the SpaceX shares insiders are now free to sell.
Friday’s batch was up to 328.4 million shares. The next big one is four times larger.
Billions of SpaceX Shares Are Waiting for a Release Date
When SpaceX listed in June, early investors and staff agreed not to sell for a while. That promise is called a lockup.
SpaceX lets those shares out in batches. Cramer’s sheet maps every date.
Friday’s release was worth nearly $51 billion, by Motley Fool’s count. The outlet called the schedule a fleecing of retail investors.
The biggest batch, up to 1.31 billion shares, opens two trading days after third-quarter results. SpaceX has not set that date.
The sheet carries its own warning. Being allowed to sell does not mean holders will sell.
Is SpaceX Stock Too Expensive? Cramer Says No
Cramer is not telling anyone to run. This week, he defended the stock’s price.
“Yes, there are stocks that I think are insanely priced, but SpaceX is not one of them,” said Cramer.
SpaceX trades at about 137 times its expected earnings for the next 12 months, according to FactSet data.
Not everyone agrees. Investor George Noble, who is betting against the stock, put its fair value at $30 in August.
Thursday’s spectrum deal would let Starlink sell phone service directly. SpaceX rose about 3.9% before Friday’s open, while the same news sent carrier stocks lower.
Cramer’s own rule is patience. In July, he urged Mad Money viewers to wait for the first lockup release before buying big.
Past releases have cut both ways. The stock rose around the August unlock and slipped on later dates, including the September 24 unlock.
That post-earnings batch will be the largest since the initial public offering (IPO). Cramer’s sheet flags it as the bigger event ahead.