SpaceX shares dropped by over 4% on September 23, immediately preceding the expiration of a lockup period that released approximately 328 million shares for public trading. This market movement occurred shortly before the scheduled Starship Flight 14, which marks the rocket's first attempt to reach Earth orbit and its first commercial mission.
The 124-meter rocket is slated to reach an orbit of roughly 275 kilometers, with a mission duration of nearly 10 hours and six planned planetary orbits. Unlike previous tests, this flight will carry 26 Starlink V3 satellites. SpaceX confirmed that both the booster and the ship will be expendable, with splashdowns planned in the Gulf of Mexico and the Pacific Ocean, respectively.
The company has been releasing insider shares in tranches, with previous unlocks occurring in August and on September 9, the latter resulting in a 3.9% stock decline. Further share releases are scheduled to continue through June 2027. While the lockup expiration increases the available supply, the actual impact on share price depends on the volume of insider sales.
Wall Street analysts continue to monitor the company's progress, with Morgan Stanley's Adam Jonas maintaining a Buy rating and a price target of $300. The analyst suggests that the market currently undervalues the company's orbital computing and AI initiatives. A successful orbital insertion and satellite deployment are viewed as critical milestones for the company's commercial valuation.
