SpaceX shares rose 6.1% to $114.92 on Thursday, defying widespread expectations that the unlocking of 911.5 million insider shares would flood the market with supply and push the stock lower. Instead, the first major post-IPO lockup expiration triggered a surge of buying that added roughly $327 billion to the company's market value over two sessions, according to multiple market reports.
The unlock more than doubled the tradable float from 639 million shares to about 1.55 billion, representing the largest single-day share release in U.S. listing history by volume. Yet the anticipated wave of insider selling failed to materialize. Short interest, which had topped 36% of the float before the unlock, fell to roughly 16% afterward as bearish positions were covered, S3 Partners data cited by market observers showed.
The rally spilled immediately into crypto markets, where Gate's tokenized SPCX product recorded nearly $700 million in combined trading volume across August 4 and 5. Daily volume jumped from around $126 million to $332 million on the first day of the unlock, then crossed $360 million the next session, making SPCX one of the highest-volume tokenized equities on the platform. Gate's SPCX contract traded at $114.91 with a 6.11% intraday gain, while open interest reached $85.5 million, ranking among the top two centralized exchange contracts, CoinGlass data indicated.