SpaceX Stock Surges Despite Earnings Miss and Record Share Unlock

SpaceX closed out a pivotal week solidly higher, with its stock climbing through both a rocky earnings report and the largest share unlock in the company’s brief trading history.

Rough Start to the Week

SpaceX’s second quarter results, released Tuesday, beat revenue and EBITDA estimates, but investors focused instead on AI-related capital expenditures jumping to $15.8 billion from $7.7 billion in Q1. Shares fell 13.6% Wednesday, marking a new all-time closing low.

Massive Unlock Fails to Sink the Stock

Thursday brought the year’s biggest test, when 911.5 million shares became eligible to trade, about 43% more than the shares floated during SpaceX’s June IPO. The unlock more than doubled the company’s public float. Despite fears that added supply would push prices lower, especially with shares already trading below IPO levels, SpaceX closed up 6.1% that day. The unlock is the first of nine staggered tranches spread across several months rather than a single release date.

Momentum Builds Into Friday

Shares then jumped 20% Friday, the stock’s best single day yet, closing the week up nearly 23% overall and marking its highest close since mid July. Analysts including Morningstar’s Nicolas Owens and JPMorgan’s Doug Anmuth suggested much of the anticipated selling pressure may have already been priced in ahead of the unlock. Bank of America’s Ron Epstein described the event as a technical drag rather than a signal about the company’s fundamentals, though analysts noted SpaceX will need continued strong performance as remaining share tranches unlock over coming months.