SpaceX (SPCX) became the largest IPO on record in June and has been highly volatile since, reaching highs of about $225.64 and lows of $104.83. The company has already gone through six lockup expiries, and the stock has climbed about 27% since Aug. 6. The largest single-event expiry is approaching: 1.3 billion new shares become eligible for sale two full trading days after the third-quarter earnings report (scheduled for Oct. 20), with another 328 million unlocking on Oct. 24. The article says the share price will depend heavily on Q3 results, but argues that valuation at 200 times forward earnings leaves the company little room for error.
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