About 2.3 billion SpaceX (SPCX) shares held by employees and early investors have been unlocked since early August, versus 639 million sold in the June IPO. Shares closed Monday near $163, about 50% above the $108 close on Aug. 5; measured from the close before a roughly 14% drop after the first earnings report, the gain is about 30%. Release-day moves have shrunk: shares rose 6% on Aug. 6, while later releases ranged from a 4% decline to a gain of just over 1%. The largest unlock, about 1.3 billion shares, follows the third-quarter earnings report and is roughly 40% bigger than August's first release; the three remaining releases could total around 2.4 billion shares. Q2 revenue rose 92% to $7.8 billion, but the roughly $2.2 trillion market cap equals about 71 times annualized Q2 sales.
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