SpaceX Unlocks $200 Billion in Shares After Record Q3 Revenue

SpaceX (NASDAQ: SPCX) faces its largest share unlock since going public, with up to 1.3 billion shares worth approximately $200 billion becoming eligible for trading on Thursday, October 22, just two days after the company reported record quarterly revenue.

The release affects shares held by eligible employees and early investors who were previously restricted from selling under the company's IPO agreements. It follows a powerful earnings-driven rally that lifted SpaceX stock approximately 7.8% on Wednesday.

SpaceX's June IPO established a staggered lock-up schedule allowing existing shareholders to sell portions of their holdings at predetermined dates and following earnings announcements.

The October 22 release represents approximately 28% of the main restricted-share pool, making it the company's largest scheduled tranche.

Unlike earlier releases, this batch contains up to 1.3 billion shares, substantially exceeding the approximately 911 million shares that became eligible following August's second-quarter results.

The restrictions have been a recurring concern for investors since the company's post-IPO stock decline, when selling pressure and valuation uncertainty weighed on SPCX.

Importantly, Elon Musk's own shares remain subject to a separate restriction extending into June 2027.

Another approximately 328 million shares are scheduled to become tradable on October 26, potentially increasing available supply further.

According to SpaceX's SEC-filed results, third-quarter revenue reached $14.58 billion, up from $5.58 billion a year earlier.

Net income climbed to $4.4 billion, reversing a $1.1 billion loss during the corresponding 2025 quarter.

The strongest growth came from SpaceX's Super Intelligence division, which generated $7.56 billion in quarterly revenue, compared with $813 million a year earlier.

The expansion follows SpaceX's $60 billion Cursor acquisition, which closed in August and expanded the company's AI software operations.

Meanwhile, its Connectivity division produced $5.25 billion in revenue, up 69% year over year.

That extends the momentum described in Coinpaper's Starlink business analysis, when the division generated $4.29 billion during the second quarter.

However, capital expenditures reached $19.59 billion, demonstrating that SpaceX continues investing heavily despite reaching profitability.

Wednesday's post-earnings rally demonstrated strong demand for SpaceX shares, but Thursday's unlock creates a different market test.

Existing holders may decide to realize profits following the earnings-driven advance. Still, an unlocked share does not automatically become a sell order, and previous releases have produced mixed market reactions.

Earlier SPCX earnings coverage showed how investors responded positively to revenue growth even while the company remained unprofitable.

The latest results are also supporting more optimistic Wall Street forecasts, although analyst price targets remain speculative.

Meanwhile, potential Tesla–SpaceX merger discussions introduce additional uncertainty around valuation and future ownership.