Hvorfor SpaceX-aktien falder omkring 5% torsdag

SpaceX shares SPCX fell around 4.94% to $132.60 in early Thursday trading, pushing the stock below its $135 initial public offering price as another large batch of shares became eligible for sale.

The decline comes after SpaceX defied expectations during its first major lockup expiration earlier this month, when more than 900 million shares became eligible for sale, but the stock instead rose sharply.

Det umiddelbare nedadgående pres tog fart i dag, efter DZ Bank begyndte dækning af SpaceX med en 'Sell'-anbefaling og et kursmål på $100 og advarede om en potentiel risiko for et kraftigt kursfald i lyset af de massive kapitalbehov, der kræves for at retfærdiggøre den høje værdiansættelse.

SpaceX's $86 billion IPO on June 11 attracted strong demand from investors drawn to Elon Musk's plans for the company, which include expanding Starlink satellite internet, developing data centers in space, pursuing artificial intelligence, and pursuing longer-term space technology initiatives.

The stock initially rewarded investors, climbing from its $135 IPO price to more than $225 within days.

Less than two months later, shares fell as low as $105 before recovering to around $145.

The latest move below the IPO price highlights the volatility that can accompany large new listings as early investors gain the ability to sell their holdings.

SpaceX bruger trinvise frigivelser af aktier

SpaceX har indført en trinvist opbygget lockup-struktur, der tillader aktionærer at sælge deres beholdninger over mere end et dusin forskellige datoer.

Company's second major unlock took place today, with about 319 million shares held by early investors and employees becoming eligible for trading.

Strukturen adskiller sig fra den traditionelle IPO-lockup, hvor pre-IPO-aktionærer typisk er forhindret i at sælge deres aktier i 180 dage efter, at et selskab går på børsen.

Lockups are designed to give new public-market investors greater confidence that existing shareholders will not immediately sell large portions of their holdings.

Pre-IPO shareholders can include company executives, venture capital firms, private equity investors, wealthy individuals and employees.

SpaceX's staggered approach is intended to prevent a large volume of shares from reaching the market simultaneously and potentially putting greater pressure on the stock.

More than 700 million shares are expected to become available in September, followed by more than 650 million in October.

By the end of the year, about 4.9 billion SpaceX shares will have become eligible for trading.

Musk's own shares remain locked up until June 2027, according to the current schedule.

The expanding supply has been a major factor in SpaceX's early stock performance.

Investors have been cautious about buying ahead of potential profit-taking by early shareholders, contributing to the stock's decline to around $105 in July, well below its IPO price.