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SpaceX Stock Logs First Post-IPO Drop as Puts Arrive
By @sharedot · · 6 pages
- Stock Market
- Spcx
- Spacex
- IPO
- Options
SpaceX shares fell nearly 5% Wednesday, their first decline since the IPO, after SPCX options began trading and finally gave bears a way to sell.
The Run Ends: SPCX Loses 5% After Three Up Days
SpaceX shares fell nearly 5% on Wednesday, snapping three straight sessions of gains since the company's blockbuster public debut, and the stock was climbing more than 1% in the overnight session, according to Stocktwits. The pullback came after a rally that had lifted SPCX roughly 50% above its $135 IPO price. The timing was not incidental: the decline followed the launch of SPCX options on Tuesday, which for the first time gave traders a practical way to bet against the stock. Day-one options activity was massive, with nearly 1 million call contracts exchanged, placing SpaceX among the busiest options stocks on Wall Street, Stocktwits reports.
Why the Rally Was Skewed, According to Analysts
The surprise is that the first real selling pressure arrived only now, months after the debut. Gary Black, managing director of The Future Fund, said on X that SpaceX's early trading resembled a 'meme stock' more than a company valued on revenue, cash flow, or earnings potential, and that the dynamic 'may be ending,' Stocktwits reports. Black argued the stock's rise came in a market where selling opportunities were severely constrained: IPO recipients were subject to lockup restrictions, there was virtually no stock available to borrow for short selling, and put options were unavailable until Tuesday. 'While many SPCX bulls screamed I told you so when the stock was soaring, the reality was there were few outlets for selling,' Black said.
Lockup Fears Called Overstated; a Tiny Float Matters
Steve Grasso, CEO of Grasso Global, pushed back on concerns about an accelerated lockup release, Stocktwits reports. According to Grasso, an additional 10% of eligible insider shares would only become available if SpaceX closes at or above $175.50 — 30% above the IPO price — on at least five of the ten consecutive trading days before second-quarter earnings, and even then the August lockup schedule would stand, with the first unlock window rising from 20% to 30%. Grasso also highlighted that SpaceX floated only about 4%–5% of its shares in the IPO, a sliver compared with Apple, Microsoft and Nvidia, where nearly all shares trade publicly. Separately, SpaceX added Sequoia veteran Roelof Botha to its board as an independent director, raising the board to nine members.
Meanwhile, Oil Shocks Keep Energy Producers in Focus
Away from the IPO tape, Simply Wall St reports that geopolitical shocks, supply bottlenecks and stubborn inflation are reshaping risks and openings for global integrated oil and gas producers. ExxonMobil Holdings generates roughly US$250.9b from Energy Products and about US$112.1b from Upstream, supporting a market value near US$674.4b, with Permian output above 1.8 million oil-equivalent barrels per day. Simply Wall St also flags midstream names: ONEOK, valued at about US$55.4b, links U.S. gas fields and export docks, while Targa Resources, near US$60.4b, reports record Permian inlet volumes of 7.2 billion cubic feet per day. Both stories point to markets repricing skewed structures — a constrained float in SPCX, capital and margin risk in energy.