SpaceX Is 34% Below Its High. Now 319 Million More Shares Are Coming

SpaceX (SPCX, Financials) has rebounded since its August lows. And now another test. Even after bouncing back to around $147, the stock is still down about 34% from its high of $225.64 in June. Wall Street hasn't abandoned it. Bernstein has a $248 goal while Oppenheimer recently upped its price target to $280. Both companies see tremendous upside if SpaceX can continue to grow Starlink, improve Starship economics and develop its newer AI opportunities. But there's something more immediate for investors to look at. Another 319 million shares will become eligible for sale starting Sept. 9. A further tranche of 59 million shares arrives on Sept. 10. That doesn't mean all those shares will be sold. But it does imply more stock can get into the market. And that incremental supply matters after a tumultuous first few months as a public firm. The bullish argument for SpaceX is straightforward. It dominates commercial launch. Starlink keeps growing. And AI infrastructure is increasingly seen as another potential growth engine by experts. Valuation is the tougher question. Investors are paying for a lot of future success already. Over $2 trillion worth. That basic fact makes Sept. 9 crucial. SpaceX needs purchasers that buy into the long-term story, but not only that. They may also require enough of them to absorb a lot more of the available supplies.