SPCX Stock Lock-Up Expiry: SpotGamma Founder Flags This Key Resistance Level

• The first tranche expired on August 6, when more than 911 million shares became eligible for trading.
• SPCX stock gained 31% between the first unlock and Wednesday’s close.
• AI coding startup Cognition’s CEO Scott Wu denied a Bloomberg report stating that SpaceX had explored acquiring the company.

SpaceX (SPCX) was in the spotlight on Thursday, as another large block of insider-held stock became eligible for sale, with SpotGamma founder Brent Kochuba highlighting $150 as the key level to watch.

At the time of writing, SPCX shares were down 5%.

319 Million Shares Become Eligible For Trading

Around 319 million shares held by employees and early investors were released from trading restrictions on August 20, marking the second tranche of SpaceX’s staggered post-IPO lockup expiry schedule.

Lockups prevent insiders from immediately selling their holdings following an initial public offering. Their expiration does not mean the shares will necessarily be sold, but it gives their owners the option to cash out.

The first tranche expired on August 6, when more than 911 million shares became eligible for trading, exceeding the roughly 639 million shares sold in SpaceX’s IPO.

Despite concerns about additional supply, the stock gained 31% between the first unlock and Wednesday’s close, reaching a high of $149.80.

SpotGamma Flags $150 Resistance

Kochuba said $150 is now the key option level to watch, noting that traders have been selling call options at or above that strike price.

“That’s a key resistance line, because when we see that stock move up that level, option traders have been selling calls at or above that strike, that $150 area. So what we see is a key kind of resistance to our ceiling level at this point,” Kochuba said during an interview with CNBC.

SPCX Not In Talks To Buy AI Coding Platform

On Wednesday, Scott Wu, CEO of AI coding startup Cognition, denied a Bloomberg report stating that SpaceX had explored acquiring the company, shortly after it had completed a $60 billion buyout of rival platform Cursor.

“This is not true. Huge respect for the SpaceX team, but Cognition is not for sale, and we haven’t been talking,” Wu said in a post on X.

Retail’s Take On SPCX

Retail sentiment surrounding SPCX on Stocktwits turned ‘neutral’ from ‘bullish’ over the past 24 hours.

One user speculated that fewer than 10% of the unlocked shares will be sold while most will be “absorbed by institutions.”

SPCX shares have declined around 1.8% from its listing price.

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