Space Exploration Technologies (NASDAQ:SPCX) Navigates Post-IPO Landscape Amidst 'Hold' Rating and Upcoming Lock-Up Expiry

• Investment firm HSBC initiated a "Hold" rating on Space Exploration Technologies (NASDAQ:SPCX), with the stock priced at $118.24 at the time of the rating.
• An upcoming lock-up expiry on August 4th will significantly increase the public float of SpaceX shares from an initial 4.9% to approximately 12%, potentially impacting its stock price.
• SpaceX is experiencing market volatility, recently trading around $111.35 after a 6.7% decline, as investors closely monitor its 13th Starship test flight and first quarterly earnings report.

Space Exploration Technologies (NASDAQ:SPCX), commonly known as SpaceX, is a company involved in space exploration, satellite communications, and artificial intelligence. Led by Elon Musk, the company recently became publicly traded through an initial public offering (IPO) in June. It is developing major projects like the Starship rocket and expanding into AI data centers.

On July 23, 2026, the investment firm HSBC initiated coverage on SpaceX, assigning it a "Hold" rating. A hold rating suggests that the firm believes the stock will perform in line with the market, without strong reasons for an immediate buy or sell. The stock price was $118.24 when the rating was issued.

This rating comes as investors anticipate the company's first quarterly earnings report on August 4th. Following the report, a significant number of insider shares are set to be released from a lock-up agreement. This agreement temporarily prevents pre-IPO shareholders from selling their stock, and its expiration will increase the supply of shares on the market.

While its Starlink business showed strong 50% year-over-year revenue growth in 2025, SpaceX faces near-term events that add uncertainty. The company's initial public float, the number of shares available to the public, was an unusually small 4.9%. The upcoming release will increase this float to about 12%, which could pressure the stock price.

Investors are also watching key operational milestones. As highlighted by Invezz, the company's delayed 13th Starship test flight is a crucial event. The stock has been volatile, recently trading around $111.35 after falling 6.7% on Wednesday. Progress in its launch capabilities is seen as important to justify its valuation.