SpaceX shares fall below IPO price ahead of earnings call and lock‑up

SpaceX’s stock has slipped below its $135 IPO price, trading around $118‑$123 after a decline of up to 48% from its post‑IPO peak. The slump coincides with a surge in short interest – roughly 30% of the float is sold short, giving short sellers billions in unrealised gains. Analysts have issued wide‑ranging price targets, from $200 to $800, but note the company’s projected need for $84 billion of external capital each year through 2034 and no free‑cash‑flow year before 2035. The company will release its first quarterly earnings as a public firm in early August (the earnings call is scheduled for the week of August 4, with the formal filing due by August 12). The forthcoming earnings report and a scheduled Starship Flight 13 launch are seen as potential catalysts for the share price. A massive lock‑up expiration is set for August 6, releasing about 911.5 million shares (valued near $116 billion) in stages, with a further tranche contingent on the stock staying above $175.50 prior to the earnings release. Elon Musk has warned short sellers that “very low” survival odds remain for those betting against the company. Cathie Wood of ARK Invest remains bullish, calling SpaceX possibly “the most important company in history,” while questioning the market’s current discount.