SpaceX insiders can finally cash in. The first post-IPO lockup period expired on August 6, 2026, unlocking approximately 912 million shares for employees and early investors to sell on the open market. That’s more than double the company’s existing public float, and it’s just the first wave.

A staggered lockup structure means an additional 12.9 billion shares could hit the market by mid-2027. For a stock already trading 49% below its June peak, that’s a lot of potential selling pressure walking through the door.

The numbers behind the noise

SpaceX went public in June 2026 at $135 per share.

By the time the lockup expiration arrived, shares were trading between $111 and $112, representing a steep decline from the IPO high.

The company’s Q2 2026 earnings painted a complicated picture. Revenue came in at $7.8 billion, a 92% year-over-year increase. Adjusted EBITDA hit roughly $3.5 billion, suggesting the core business is generating serious cash.

But SpaceX still posted a net loss of $541 million. Part of that red ink came from a $195 million impairment charge on its Bitcoin holdings.

The Bitcoin treasury angle

SpaceX holds 18,712 BTC on its balance sheet, valued at approximately $1.1 billion. The company made no Bitcoin sales during Q2 2026, choosing to hold through the volatility rather than liquidate to shore up its bottom line.

The $195 million impairment charge is worth understanding in context. Under current accounting rules, companies must mark down the value of their crypto holdings when prices fall below purchase cost, but they can’t mark them back up until they sell.

What the lockup flood means for markets

The 912 million shares unlocked on August 6 represent the first tranche of a much larger release schedule. With 12.9 billion additional shares potentially entering the market by mid-2027, SpaceX faces a prolonged period where supply dynamics could weigh on the stock price.

The question for investors is whether SpaceX’s revenue growth, which nearly doubled year-over-year, can provide enough fundamental support to absorb the wave of new supply. A company growing at 92% annually while losing $541 million per quarter has a complicated narrative.

For crypto-focused investors specifically, the interplay between SpaceX’s stock price and its Bitcoin treasury creates a secondary risk factor. If shares continue declining and the company faces pressure to demonstrate profitability, selling some or all of its 18,712 BTC could become an attractive option for management. A $1.1 billion Bitcoin sale would more than cover the quarterly net loss.

Traders should watch SpaceX’s next quarterly filing closely for any changes in its BTC holdings. The company held firm in Q2, but the combination of insider selling pressure, a declining stock price, and ongoing net losses creates exactly the kind of environment where corporate Bitcoin treasuries get liquidated.