SpaceX Shares Gain 6% After 900 Million Shares Become Unlocked

Shares of Elon Musk’s SpaceX rose by more than 6% on Thursday. Over 900 million shares were issued, more than doubling the total number of shares in the space company.

Investors who invested in the shares prior to the IPO can now sell them, as the lock-up period has expired. While shares become available for market trading once the lock-up period ends, the decision to sell or retain them largely depends on the shareholders themselves.

The stock price fell 14% on Wednesday—marking its second-worst day so far—as the lock-up period neared its expiration. The shares closed at a record low of 108.27. Previously, the company had sold 640 million shares in its IPO, representing less than 5% of its total shares; however, the unlocking of 911.5 million shares more than doubled the available float, meaning approximately 12% of all shares are now available for trading.