Tonight's the Night — SpaceX Faces Its First Lockup Expiration

Tonight marks the largest post-IPO lockup expiration in US stock market history. Roughly 911.5 million shares of SpaceX insider holdings — worth an estimated $116 billion — are set to become unrestricted, a scale that has no real precedent in US equity markets. The concern is straightforward: a potential supply overhang of this magnitude could put real pressure on the stock in the near term. What makes this moment even more layered is the backdrop it's landing against. SpaceX recently delivered its first earnings report since going public, and the core financial metrics came in better than expected — notably, losses tied to its AI business narrowed by more than the market anticipated, a sign the company is making genuine progress on cost discipline. But the flip side is that AI-related capital expenditure also came in higher than expected, showing the company's appetite for aggressive investment hasn't eased at all. A genuinely mixed report, and it's adding extra layers of interpretation to how the market processes tonight's unlock. With improving fundamentals on one side and the largest lockup expiration in market history landing on the other, the bull-bear tension here is fairly clear-cut: will the market reward the narrowing losses, or will near-term selling pressure dominate sentiment instead? How do you see tonight's unlock actually playing out for the stock? And how are you thinking about positioning around the broader space sector going forward? Flexibly allocate across core U.S. tech equities and diversified RWA portfolios on Bitget — achieve efficient cross-asset allocation and precision risk hedging: https://www.bitget.com/promotion/futures-rwa