SpaceX stock slipped and fell back to its IPO price as another share unlock hit the public float. Around 319 million shares held by early employees and investors become eligible to trade on Thursday, the Day 70 tranche in a staggered lockup that will release about 88% of SpaceX's 13 billion shares through 2027. SpaceX shares fell nearly 5% in early trade, dropping below its $135 IPO price. The stock withstood a big unlock earlier this month, when up to 911.5 million shares became tradable and the stock rose 6%. Larger supply tests are still coming, with a 1.3 billion-share tranche set to unlock around SpaceX's third quarter earnings in early November, followed by the 180-day expiry in December, while CEO Elon Musk's 6.42 billion shares stay locked until June 2027. In other SpaceX news, reports suggested the company was in talks to acquire Cognition, an AI company that features a coding agent called Devin, but both Cognition and CEO Elon Musk denied the report. The report comes after SpaceX just closed its $60 billion purchase of Cursor, another AI coding company, and Wall Street analysts including Deutsche Bank's Edison Yu are bullish on the Cursor deal, with Yu upping the team's full-year EPS estimate by 11% and its overall revenue projection by 1%.
Space Exploration Technologies Corp. Class A Common Stock319 million shares unlock, stock falls below IPO price
Deutsche Bank AktiengesellschaftSpaceX closed $60B purchase of Cursor, analysts bullish
