On August 18, SpaceX declined 3.05% in pre-market trading. On the news front, SpaceX will face its second major post-IPO share unlock on August 21 (this Thursday), involving approximately 320 million shares. Research analyst Ed Elson noted that while the first large-scale unlock did not trigger severe selling as some investors had feared, there remain seven additional batches of stock expected to become tradeable by year-end, which could generate significant selling pressure going forward.

KeyBanc analysts also cautioned that massive capital expenditures and large-scale financing will be unavoidable realities for SpaceX's investment thesis in coming months, as the company aggressively builds out its future business portfolio.

The pre-market weakness follows a session in which SpaceX had risen over 4.4%, buoyed by the first comprehensive disclosure of institutional holdings via 13F filings, which revealed broad support from major institutions including Alphabet, Fidelity, and sovereign wealth funds.

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