Why Is SPACE EX TECH SPACEX A (SPCX) Stock Down Today?

Why SPCX stock is down today

SPCX stock fell 10.86% to $111.70 in today’s session, driven by a combination of earnings-related concerns and a large upcoming share unlock. The stock opened with a 11.8% gap down from the previous close and has traded in a narrow range since. The move reflects investor unease over the company’s widening losses and increased capital expenditures for AI infrastructure.

What Happened

The stock’s sharp decline came after the company’s first earnings report as a public entity highlighted ongoing cash burn despite a 19% quarter-over-quarter revenue increase. During the earnings call, CEO Elon Musk confirmed that SpaceX is building its AI infrastructure exclusively with Nvidia, raising questions about the company’s hardware choices and cost structures. Additionally, the stock faces immediate pressure from a scheduled unlock of nearly 911.5 million shares, which becomes eligible for trading tomorrow. This large volume of newly tradable shares has triggered concerns among investors about potential selling pressure.

Recent insider transactions also added to the bearish sentiment. CEO Elon Musk sold $1.2 million worth of shares on June 2, 2026, according to SEC filings. Meanwhile, members of Congress, including Gilbert Cisneros and Daniel Meuser, disclosed purchases of SpaceX shares in recent days, indicating mixed signals from institutional and retail investors.

What The Data Shows

The stock opened at $110.50 and reached a session high of $113.69 at the market open before retreating to a low of $110.15. Trading volume has reached 9.5 million shares, significantly higher than the average. The price trend over the last eight sessions had shown a 5.1% gain, but today’s drop has reversed that upward momentum. In terms of options activity, call premiums totaled $221.9 million versus $126.8 million for puts, with the largest single trade valued at $25.6 million.

What To Watch

Investors should monitor the upcoming share unlock tomorrow, as it may influence the stock’s liquidity and price direction. Additionally, the market will be watching for any follow-up commentary from Musk or other executives regarding the AI infrastructure strategy and capital allocation.