911.5 million restricted SpaceX shares became eligible to trade on Thursday, lifting the public float to about 1.55 billion from roughly 639 million, yet the stock still rose about 2.5%.
The rebound followed a nearly 14% drop on Wednesday, when investors had braced for heavier insider selling tied to the first major post-IPO lockup expiration.
SpaceX uses a staggered lockup schedule, so more share blocks will come to market over time; Elon Musk's stake remains locked up until June 2027.
The unlock came just after SpaceX reported its first quarterly results as a public company: a $541 million net loss on $7.8 billion in revenue, with spending on R&D, infrastructure and AI adding to capex concerns.