SpaceX (SPCX) shares climbed 4.24% during Thursday's regular session, pushing the stock to $153.82 from a prior close of $147.56. The move comes despite a major share unlock that analysts had flagged as a potential headwind just one day earlier.
What Happened
On September 9, 2026, approximately 319 million SPCX shares became eligible for sale as part of a third wave of lockup expirations tied to SpaceX's direct-listing event. The Motley Fool reported that up to $47 billion in insider selling pressure could hit the tape that day. Benzinga noted the unlock in a pre-market alert, while GuruFocus framed it as a potential test of whether SPCX could "break the streak" of surviving prior unlocks.
The stock initially slipped on September 9 but has since reversed course with Thursday's rally.
Why the Stock Is Rising Now
No single press release or SEC filing explicitly explains Thursday's gain. However, several factors may be supporting buying interest:
- A Wells Fargo analyst published commentary on September 10 highlighting SpaceX's potential to disrupt traditional wireless carriers with its satellite-based broadband services, while tower REITs could benefit from the infrastructure buildout.
- Multiple analyst price targets above $200 have circulated this week, including a $220 target implying roughly 49% upside.
- Institutional inflows exceeding $7 billion were reported across recent quarters, suggesting sustained institutional appetite.
Volume on Thursday topped 22.5 million shares, making SPCX the highest-volume mover of the regular session.
What to Watch
The share unlock overhang could continue to weigh on the stock if insiders begin selling in volume. SpaceX's path to higher valuations is widely seen as tied to Starship reuse milestones, which remain a key catalyst for long-term bulls.
Investors should monitor for any SEC Form 4 filings indicating insider sales in the coming days.