The first round of unlocks did not show selling pressure! SpaceX (SPCX.US) has seen a cumulative increase of approximately 23% over two days, with its market value surging by more than $320 billion.

After the first batch of restricted shares was released, there was no large-scale sell-off that market concerns had anticipated. The stock price of SpaceX (SPCX.US) rose significantly for the second consecutive trading day, approaching the $135 IPO price, marking the first time it has come close to recovering since dropping below this key level last month. On Friday, SpaceX's stock surged nearly 16%, with a total increase of about 23% over two days and a total market capitalization increase of over $327 billion. Despite the formal release of the first batch of restricted shares on Thursday, allowing some early shareholders to sell their holdings, investors remained actively buying, driving the stock price's continuous rebound. Following this release, the number of SpaceX's publicly tradable shares increased from 639 million at the time of the IPO to 1.55 billion, more than doubling. Previously, several analysts warned that the first round of restricted shares' release could exert significant downward pressure on the stock price. Matt Maley, Chief Market Strategist at Miller Tabak, stated that as the trading period for the restricted shares gradually comes to an end, the market will ultimately need to assess whether it is willing to pay such a high valuation for a company whose potential for tangible growth may still take years to realize. In fact, prior to this round of rebound, SpaceX's stock had been under pressure. Shortly after its listing, it reached an all-time high but subsequently lost over $1 trillion in market value. Earlier this week, the company released its first financial report post-IPO, and due to capital expenditures in its artificial intelligence business exceeding market expectations, the stock plummeted 14% in a single day on Wednesday. However, the release did not trigger the concentrated sell-off that the market had anticipated; instead, it prompted some short sellers to cover their positions, further driving up the stock price. According to data from S3 Partners, as of now, about 250 million shares of SpaceX are in a short position, accounting for approximately 16% of the current tradable shares. Prior to the release of around 912 million shares, this ratio had soared to 36% due to the small float. Maley noted that it is certain that some short positions had to be closed out on the same day, which was one of the important factors driving the stock price up. Before this round of rebound, investors shorting SpaceX had accrued more than $9 billion in unrealized profits due to the continuous decline in the stock price. However, analysts pointed out that the release of restricted shares only grants early investors the right to sell their shares, not an obligation to do so immediately. Meanwhile, Wall Street overall maintains a bullish outlook on SpaceX. Argus Research upgraded SpaceX's rating from "Hold" to "Buy" on Friday, believing that the company's investments in AI infrastructure have begun to show signs of "rapid returns." Data shows that of the analysts covering SpaceX, nearly 80% have given it a "Buy" rating, with an average target price of about $221, indicating over 65% upside potential compared to Friday's closing price, reflecting institutional confidence in the company's long-term growth prospects.