SpaceX shares have soared 35% in five sessions since the first lockup preventing early investors from selling expired on Aug. 6, adding roughly $500 billion in market capitalization and vaulting back over their $135 initial public offering price. The surge bucked concerns about an impending wave of selling and gave investors optimism that future expirations won't be as painful as feared. The lockup was the biggest of a nine-stage structure, with 911.5 million shares coming available, more than were sold in the record $86 billion IPO on June 11. The next expiration is on Aug. 20, triggering the release of as many as 319 million shares, or 7% of the total amount of stock subject to selling restrictions. SpaceX shares plunged 14% on the day before the expiration, but the culprit actually appears to be the company's first earnings report, and specifically its higher-than-expected capital expenditures for artificial intelligence, though the results also contained a large beat in revenue and a better-than-expected loss per share.
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