SpaceX's Weekend: One Big Launch and One Crew-13 Hiccup

Dow Jones
4 hours ago

It was another busy weekend for SpaceX, launching a telescope for NASA. It ran into a hiccup with crew transport for the space agency as investors await more shares to unlock.

Stock in Elon Musk's rocket and artificial-intelligence company was down 0.8% in premarket trading at $140.34, while S&P 500 and Dow Jones Industrial Average futures were both down about 0.2%.

The move came after SpaceX successfully sent the Nancy Grace Roman Space Telescope on its way to Lagrange point two, about 1 million miles from Earth, where the gravity of the sun and the planet keep things relatively stable. The telescope will help unravel mysteries such as dark matter and dark energy. Initial images are expected in early 2027.

Launch revenue is recognized in SpaceX's space segment, which is expected to generate 2027 sales of about $6.3 billion, up from $4.5 billion in 2026. It's a small part of total sales, which are expected at about $100 billion in 2027. SpaceX's space segment is more of an enabler, helping SpaceX's other businesses, such as its Starlink space-based broadband product, which has roughly 11,000 satellites in low-Earth orbit.

The launch was a success, but SpaceX ran into a problem with its Dragon spacecraft during "standard pre-launch spacecraft processing" for the upcoming Crew-13 mission, which will take four astronauts to the International Space Station, according to the National Aeronautics and Space Administration. The launch was scheduled for mid-September, and NASA hasn't given a new date.

The hiccup isn't likely the reason for the stock's decline Monday. Checks and delays are relatively routine for space. Investors have other things on their minds, such as another 378 million shares unlocking and becoming available for trading next week.

Early investors and insiders typically have to wait to trade their shares after an initial public offering. Unlocks can weigh on early share price performance, with investors wary of buying in before any potential profit-taking. The overhang is one reason SpaceX stock traded below $105 in early August. That came just ahead of a 912 million share unlock.

Each subsequent unlock should matter less for the stock because it's a smaller percentage of the total stock available to trade. Still, a lot of stock is coming. Roughly 3 billion additional shares of SpaceX will become available to trade by the end of the year. Currently, about 1.9 billion shares are available to trade.

 

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