SpaceX (SPCX) Unlocks 328.4 Million Shares Worth About $51 Billion

Friday's $51 Billion Release

Jim Cramer posted a printed sheet on Friday morning that turns SpaceX's lockup calendar into a running count, and its newest line is a large one. It records 328.4 million insider shares that became free to sell on Friday, a batch Motley Fool values at close to $51 billion, a figure the outlet frames as a fleecing of retail investors. Insiders who held through the listing have been waiting on that calendar since the summer. The schedule behind the number goes back to the June listing of SpaceX (SPCX). Early investors and employees agreed at listing not to sell for a set period, the arrangement markets call a lockup, and the company has been releasing those shares in scheduled batches rather than all at once. A lockup protects the opening price from an immediate wave of selling, and expiries are watched as supply events. The staging spreads seller pressure across months instead of loading it onto one day. Cramer's sheet maps every batch date, and Friday's instalment is the one now in force. The next release is roughly four times larger: up to 1.31 billion shares become eligible two trading days after SpaceX reports third-quarter results, and the company has not set that date yet. Until SpaceX fixes its earnings date, the timing of the bigger batch stays an estimate. That post-earnings release would be the largest single batch since the initial public offering, and the sheet flags it as the bigger event ahead. The count carries its own caution: being allowed to sell does not mean holders will sell. Past batches have cut both ways, with the stock rising around the August unlock and slipping on later dates, including the September 24 release. For supply, the direction is one-way: each batch adds potential sellers to the register, and the two batches now on the calendar together approach 1.64 billion shares.

The tape offers a baseline for how the market absorbed the first batch. COINOTAG data shows SpaceX last at $161.30, down 0.38% over 24 hours and holding inside a $160.49 to $167.72 range. Our composite scoring puts the nearest support at $160.21, scored 100 out of 100 on overlapping indicators, with first resistance at $169.23, scored 88 out of 100. Positioning stays light: the stock perpetual funding rate reads 0.0343% per interval and open interest stands near $477.6 million. As long as the shares defend $160.21, the daily uptrend and a 57.0 RSI leave scope to test the $169.23 ceiling before the larger post-earnings unlock resets the supply picture.

Cramer Defends the Valuation

Cramer's praise and his caution landed within a day of each other. On Thursday, he labelled the company's newest deal “HUGE”, a reference to the spectrum agreement that would let Starlink sell phone service directly to customers. By Friday morning the printed sheet had moved on to counting unlocked shares, but on valuation he stayed categorical, saying some stocks are “insanely priced” while “SpaceX is not one of them.” At no point this week did he tell holders to sell. The multiple behind that call is steep: SpaceX trades at roughly 137 times its expected earnings for the next twelve months, according to FactSet data. Not every professional accepts the framing. Investor George Noble, who holds a short position against the shares, set their fair value at $30 in August, a level far below where the stock has traded since listing. The spectrum news itself moved prices on Thursday. SpaceX gained about 3.9% before Friday's open, while the same headlines pushed carrier stocks lower, a split that reads as investors pricing market-share loss for telecoms and gain for Starlink. The direct-sales structure removes the carrier middleman from Starlink's phone revenue once the arrangement takes effect. Cramer's rule for the unlock window predates all of this. In July, he urged Mad Money viewers to wait for the first lockup release before buying in size. That first release was the trigger he set for buyers, and it cleared on Friday. The larger post-earnings batch still sits ahead with no confirmed date, so the waiting period his rule describes has not ended.