Key facts
- Approximately $200 billion in restricted SpaceX shares unlocked for trading on Thursday.
- SpaceX reported third-quarter revenue of $14.58 billion, a 161% increase year-over-year.
- Net income for the third quarter was $4.4 billion, a turnaround from a $1.1 billion loss a year prior.
- Capital expenditures reached $19.59 billion in the third quarter, with $16.44 billion for Super Intelligence.
- JPMorgan, UBS, and TD Cowen all raised their price targets for SpaceX stock.
SpaceX (SPCX) stock declined 5.37% to $150.76 on Thursday, two days after the company reported record third-quarter earnings and unlocked approximately $200 billion in restricted shares for trading. The release of 1.3 billion shares, about 28% of the main restricted-share pool from the June offering, followed strong third-quarter results that showed revenue growing 161% year-over-year to $14.58 billion, with net income reaching $4.4 billion. The Super Intelligence business was the largest revenue contributor at $7.56 billion. Despite the stock drop, Wall Street analysts from JPMorgan, UBS, and TD Cowen raised their price targets following the earnings report and updated growth expectations. An additional 328 million shares are expected to become available on October 26, while Elon Musk's shares remain under separate restrictions until June 2027.