Space Exploration Technologies shares closed at $114.92, up 6.14%, even after its first major lockup expiration made about 911.5 million insider shares eligible for sale. Trading volume reached 252.4 million shares, roughly 109% above the three-month average of 121.0 million shares. The stock has fallen 29% since its 2026 IPO. S3 Partners estimates short interest on the tradable float could be as high as 36%, suggesting some of the day's gain may have come from short covering following a post-earnings dip of over 10% on Tuesday. Management guidance targets $100 billion in annual recurring revenue by year-end, which would support the company's $1.5 trillion market capitalization.
